Sharing Financial Plans with Family

More than half of Americans say they’re not comfortable discussing money with anyone* — even their partners, children and parents.

And while it can be awkward or even a little embarrassing, it’s important to the success of your financial strategy to have the conversation with your family. 

Why? Including family in financial conversations helps prevent:
•    Surprises. If heirs have a clear picture of what they may inherit, they can adjust their own financial strategies. 
•    Passing on bad habits. Including your family offers the opportunity to share what you have learned about managing money and what they should (or shouldn’t) do differently. 
•    Extra expenses. From paying for long-term care to providing a financial power of attorney, having a family conversation early can help reduce expensive delays. 

Families like yours have also found it helpful to have this conversation with a financial professional present. This allows everyone to better understand how hard you’ve worked to build your assets, what you value, and how helping you managing your savings in the future impacts their own goals. 

Reach out to learn more. 

*Money and Relationship Survey, 2022, https://www.financialeducatorscouncil.org/money-and-relationships/