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Talking To Your Adult Children About Your Finances in Virginia

Talking to your adult kids about your finances and how you plan to divvy up your money after your death may be one of the most important conversations you'll ever have. It gives you the chance to tell the kids how you want your estate to be handled. It lets your kids know whether they need to worry about supporting you in your old age or whether they'll get help paying for
Dividing the goods their children's college education. And it sets them straight as to whether they will get a windfall, a topic that can be a huge disconnect between parents and children.
 

So, you have committed your estate plan to writing. It has been signed, witnessed and notarized. Done? Not so fast. Talking now with your kids and family is the best way to give life to your estate plans.

The heavy legal work of estate planning is done in ink and paper, often also in a banker’s ledger. However, the heart and even much of the practical work is done in conversation with your loved ones. So how do you start and go about this talk?

This is a difficult subject, but fortunately it is one for which there is much advice. Consider a recent Kiplinger article titled “The Family Money Talk You Must Have.

That article gives both pithy advice and stories to back it up. The key lesson is to stop avoiding the topic, but to engage it head on. There are many reasons to avoid the family wealth and estate planning topic. Every family has its own dynamics.

Maybe you do not know how to say there is an “estate.” After all, you may have kept your financial condition close to the vest over the years. All the same, what is unknown cannot be planned, either by you (the one establishing the plan) or by the heirs who will receive it.

Well, how do you get there and how does the rest of the conversation go? Good questions to ponder. Remember, the answers depend almost entirely on you, your family, and the assets to discuss.

You can learn more about this topic as well as other strategies on our website under the tab entitled: elder law planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you,
your loved ones and your estate planning. 

Reference: Kiplinger (November 2013) “The Family Money Talk You Must Have

 

 

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.