SOMA Living January 2024

FINANCIAL FOCUS DOES YOUR FAMILY KNOW YOUR ESTATE PLAN? Consider organizing a family meeting to discuss your estate plans. Sharing your intentions with loved ones is crucial and best done while you’re still in good health, even if implementation is years away. What key topics should you cover? Start by discussing your wishes and those of your family. Share your estate plans and explain your goals, such as leaving money to your family and supporting causes. Consider fairness, addressing income disparities among children or the needs of a special-needs child. Listen to family members’ desires, as they may have surprising perspectives. A study found that over 80% of millennials prioritize their parents’ financial security during retirement over a larger inheritance. Next, address the estate planning documents—will, living trust, power of attorney, etc. Provide a general overview without discussing specific inheritances. Inform loved ones about the professionals involved, such as your attorney and tax advisor. Lastly, discuss roles. Identify an executor for your will and potential trustees for your living trust. Consider competence and reliability when selecting people to avoid conflicts within the family. Convey that the initial meeting isn’t the end of discussions. Encourage questions and ongoing communication. You may need subsequent meetings, but by laying the groundwork, you’ll take a significant first step in establishing your desired legacy. By involving your family in the process, you can ensure that your estate plans reflect your wishes and provide clarity for your loved ones.

Gary T. Jones 973.821.4900 • g.jones@EdwardJones.com

With over 25 years of experience, I work with individuals and businesses to help you achieve your financial goals. As a longtime resident of SOMA, I am proud to serve the local community. To learn more about the content of this article or schedule an appointment to talk about your goals, please contact me in my Maplewood office.

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