Have You Had Your Family Meeting?

Here at The Musuneggi Financial Group, we made 2014 the Year of the Family Meeting. We focused on educating you about the importance of sitting down with your loved ones to have those sometimes difficult-but necessary-talks about Estate Planning, Long-Term Care Planning, and your Family Letter.

Many of you asked us to help by facilitating your Family Meeting here at the office, and we were honored to be able to guide you through the process. Some of the meetings were eye-opening and heartwarming.

At one of our meetings, the parents came with the desire to start gifting their assets to their children and grandchildren. With an Elder Care Attorney in attendance, we were able to spell out the pros and cons of various planning options. Because the children were in attendance they were able to share their ideas, too. As the meeting progressed, one of the sons spoke up and said,

“Mom and Dad, we are so grateful that you would want to share your assets with us and our children. Wanting to help us to pay to educate our children is a wonderful idea. But what we would rather you do is keep your money, see that it is set up to provide you with all you will need during retirement, in your later years, and help to provide you with the best medical care and best long term care that you can afford. Because, you see, as much as we love you and would do anything for you, I have a stressful job, two teenagers and two dogs. I just can’t have you moving in with me, and I can’t take care of my home and yours. The best gift you can give us is to keep your money, plan well, and have all the things you need to take good care of yourself. Besides, you worked hard to pay for our education; we need to do the same for our children.”

His words brought tears to the eyes of everyone in the room. The parents were grateful for his appreciation and honesty, and we were glad to have an understanding of the children’s expectations.

Family Meetings are your opportunity to have an open conversation–with your family members and trusted advisors–about your later-life planning. But this is not just a financial affair; rather, Family Meetings account for family members’ emotions and lifestyle concerns.

If you haven’t done your Family Meeting, Estate Planning, Long-Term Care Planning, or Family Letter, call us at 412-341-2888 ext. 301. We will be happy to help you map out these important conversations and decisions in 2015.