Holiday Conversations with Family Members

‘Tis the season to have a well-constructed financial and estate plan. As you gather around the table this holiday season, consider having the critical financial discussions that are often left unsaid to help avoid potential chaos and oversight in the event of death or disability.
Having conversations surrounding money is important to have with your spouse, aging parent and other loved ones to create harmony during an emotionally tolling time. Not only do you want to honor your family members’ wishes, but you must also be aware of the policies and accounts they have in place. Encourage your loved ones to create a list of account information for bank accounts, investments, insurance policies, retirement accounts and loans. Include notes indicating where legal documents are saved, contact information for advisors and attorneys and arrangements for valuable assets. Work with a professional to understand the critical tax impact of decisions. Many times hard-earned retirement savings have wound up in the wrong hands or become subject to unnecessary taxes because a family member failed to designate an IRA beneficiary or improperly designated his estate or a trust as beneficiary.
For guidelines on initiating these conversations and avoiding costly mistakes, contact us at (661)297-7566 or visit www.PiersonWealthManagement.com.  

Securities and advisory services offered through Cetera Advisors LLC (doing insurance business in CA as CFGA Insurance Agency LLC), member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Cetera is under separate ownership from any other named entity. CA Insurance Lic#0C92500. For a comprehensive review of your personal situation, consult with a tax or legal advisor. Neither Cetera Advisors LLC nor any of its representatives may give legal or tax advice.

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