Estate Planning: A Thanksgiving Conversation

Family holidays like Thanksgiving are known for the conversations you will have with relatives you may not have seen in quite a while. Topics like politics, marriages, and scandals are all known to be taboo, but there’s no saying that you shouldn’t talk about your future. Your financial future can be risky and it’s important to discuss your plans with your family, specifically, about estate planning. 

Estate planning can be a touchy subject, so it’s important that you get the timing of this discussion right. Maybe right after everyone gets their food is not the opportune moment to bring this up. You know your family better than anyone else, so make a wise decision about when would be the best time to talk. 

Some suggestions from Investopedia that you should think about before having this Thanksgiving talk:

  • Write a will to spell out how your assets will be divided when you pass away.
  • Establish a living trust, if you have a significant amount of assets, to insulate your heirs against estate taxes.
  • Decide who will act as your will’s executor or, if you establish a trust, your trustee.
  • Discuss how your children will handle a long-term care situation if needed, such as acting as caregivers or making arrangements for in-home care or assisted living.
  • Set up a financial power of attorney designations and draft a healthcare directive (adult children should also have these because emergencies don't just strike seniors).

Above all, think about talking to a financial advisor or financial planner, who can help you piece together your estate plan before the big day. 

Graeme Woods, CLU®, ChFC® can advise on this and more. Call to find out more today at (570) 661-1066.

 

Written by: Cady Ruth Stoever, G.S. Woods Financial Solutions LLC, Marketing and Communications Associate

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Check the background of this financial professional on FINRA's BrokerCheck