Whether it’s Thanksgiving, gathering for a family reunion, a birthday celebration, or simply being there for one another during difficult times, family traditions are the backbone that strengthens our most important relationships. Tobin Investment Planning LLC would like to invite you to begin a new and important family tradition: a family discussion about wealth planning.
Family Discussion about Wealth Planning
Carving out time to hold candid conversations is where it all begins ….
Foremost, family wealth planning discussions are where all family members participate in a meeting to share their thoughts and aspirations regarding the family’s wealth and the legacy that will be passed on to future generations. This type of discussion requires each member to have respect for other family members during open conversation and the willingness to discuss topics that are often avoided in families such as the many “what ifs” that occur during a lifetime.
As we work with families, one individual often emerges as the spokesperson or steward for the group. It often takes the “leader” in the family to get things started that’s fine … if the role is based on a mutual and deliberately planned arrangement. Even if your family is in full agreement on who is best suited to advocate its interests, each member should contribute their talents and interests to achieve your collective and personal lifetime goals. On the other hand, if it is instead based on unspoken assumptions or force of habit, your family wealth planning may benefit from a fresh conversation.
Sometimes planning discussions are merely a time allotment during a holiday gathering or take place during a family reunion. Most important is not where they happen but that they take place.
Let Us Guide Your New Tradition
To kick off your family wealth planning discussion, we invite you and your family to meet with us at your convenience. We can guide you in exploring key considerations such as:
- How would each of you define your roles in your family wealth planning?
- Have others in your family adequately prepared to assume the stewardship role when and if it is required of them?
- Is each member of the family educated in the family’s financial structure?
- How do your estate planning documents impact the family?
- Have you communicated your planning goals to the family or is it a surprise?
- How does your personal finances fit into the larger family financial picture?
- What are the family’s investment goals and how are your investments structured?
- Are there other questions, suggestions, governance or family wealth dynamics you’d like to explore, either immediately or over time?
- How can Tobin Investment Planning LLC best assist each of you in these and other areas?
We encourage you to think outside the box on this! For example, even though your spouse, children or son/daughter-in law may never joined in prior meetings, we encourage you to include them in a future meeting. You may well discover insights about one another that could strengthen both your financial conversations as well as your overall family dynamics.
As tradition suggests, we also hope you’ll consider this the first in a recurring conversation — with or without our participation. Regardless of who may be “in charge” of your family wealth, the entire family is equally as dependent on the outcome of the efforts. Enabling a forum for everyone’s voice to be heard is another way Tobin Investment Planning LLC helps you achieve your greatest life goals, keeping your family’s wealth relevant and meaningful over time.
Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author on the date of publication and are subject to change. Content should not be viewed as personalized investment advice or as an offer to buy or sell the securities mentioned. A professional advisor should be consulted before implementing any of the strategies presented.
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Tobin Investment Planning LLC is registered as an investment advisor and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment advisor does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability. The firm is not engaged in the practice of law or accounting.
All investment strategies have the potential for profit or loss. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client’s portfolio. There are no assurances that a portfolio will match or outperform any particular benchmark. Past performance is not an indicator of future results.Share