Money Matters with Jim Doyle
Episode #8: Bring Your Family into Your Estate Planning Discussions
What was the motivation behind this episode?
Family fights over estates are often messy and leave painful legacies. Because family dynamics are powerful – many families are looking for tips to bring their families into their estate planning discussions. Over 30 years as a financial planner advising affluent families, I’ve seen a lot of estate plans reflecting estate wishes based on what parents thought was equal – but is it fair? Well intentioned actions can create problems that were never intended.
Financial literacy rarely seems important – until a time of crisis, when we’re asked to make important decisions affecting our futures – with whatever financial skills we have.
The weekly television series Money Matters with Jim Doyle was created in an effort to encourage Canadians to explore some of the financial issues we help clients address throughout their increasingly complex lives.
We invite you to tune in Thursday at 5pm PT or Sunday at 7am PT on Joytv.
What is this episode about?
Join me and my guests, Christine Lowe of RBS Lawyers , Elyssa Lockhart with McQuarrie Hunter LLP, and Brian Altwasser Director of Estates and Trusts UBC Gift and Estate Planning, as we explore the significance of families and spouses talking openly about estate planning and bringing your family into your estate planning discussions, offering tips for healthy money conversations.
We’ll explore WHY estate planning with parents and their advisors making decisions behind closed doors – may not serve the needs of all involved. From family dynamics, to charitable giving and philanthropy – knowing what to share can be a challenge. What’s sometimes forgotten – it’s not just WHAT you give – but HOW and WHY you give – that matters to families.
We’re not suggesting telling your heirs how much they’re getting – but rather, these discussions do two things; besides foreshadowing potential problems (maybe giving you time to work on them) – they allow for an explanation of why you’ve made the decisions you’ve made. What are we hoping will come out of this show?
My guests and I hope that families will start talking about estate planning and take some of the awkwardness out of a process that most families are reluctant to explore and help create positive legacies.
Jim Doyle, Doyle & Associates Private Wealth Management, Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth Management.