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11Jan
Money… From Source of Stress to Valued Resource
Intergenerational Planning

Money… for many of us….is a complex, controversial and sometimes competitive topic.  While each generation has its distinct challenges, money can also be the number one stressor for individuals, couples, and families.

In this blog, I explain how each generation relates to money, how money stresses the generations, and offer solutions to the crushing stress factor.

Let’s begin with the World War II Generation or those born between the years of 1925 and 1942.

For many in this generation, also called “The Silent Generation”, money was associated with the deep scars of scarcity created by the Great Depression.  Therefore, the emphasis was on saving and always spending less than they earned.  This generation was largely content with keeping one house for as long as possible and keeping cars and other possessions until they wore out.  The primary money motivator for the WW II Generation was to replace scarcity with “having enough” or sufficiency.

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16Dec
How to Keep Your Family Connected
Intergenerational Planning

family-connectionFidelity Investments recently published the results from the “2016 Family and Finance Study”.

Here are the key findings:
While adult children are willing to help their parents as they age, four in ten families disagree on the roles and responsibilities children should assume.

  1. For example: 93% of parents state is it unacceptable for them to be financially dependent on their children, but only 30% of the adult children feel the same way.
  1. Four in ten families disagree on the roles children will play as parents age in terms of caregiving, advocates, financial power of attorney and executor (trix) of the estate.
  1. 67% of families disagree about the appropriate time to initiate a conversation about finances.
  1. Additionally, most families avoid talking about retirement living expenses, health, and long-term care expenses and content and location of estate documents.

This is exactly why Resonate created a “partner” consulting company named Connect-Gens that offers “Purposeful Planning: Conversations Beyond the Balance Sheet”.  We understand that initiating this conversation can be difficult.  We understand the content is often very emotional, and that the direction of the conversation is unpredictable.  Since most people choose to avoid that which we either cannot control or represents the unknown, families do not engage in these essential conversations.

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21Oct
The Gift of Experience
Intergenerational Planning

gift-boxThe longer I am in this business, the more opportunity I have to see the results of our thinking and work manifest into clients enjoying a well-planned retirement. I also am privileged to share in the sacred parts of life transitions and the passing on of a treasured legacy.

We regularly talk with our clients about the two legacies we all create…. One is the legacy we live each day and the second is the cumulative result of the daily Living Legacy wrapped up in our Leaving Legacy.

This writing by Wayne Mueller beautifully describes the process we are grateful to share with our clients and their families. (Excerpted from A Life of Being, Having and Doing Enough by Wayne Muller)wayne-muller

We make only one choice.

Throughout our lives, we do only one thing- again and again, moment by moment, year after year. It is how we live our days, and it is how we shape our lives.

The choice is this: What is the next right thing for us to do? Where, in this moment, shall we choose to place our time and attention? Do we stay or move, speak or keep silent, attend to this person, that task, move in this or that direction?

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12Oct
Seed Planting for Lasting Legacies
Intergenerational Planning

a person holding a small bonsai plant isolated

Over the years, I have worked to develop questions that are hopefully both engaging, compelling and that transcend the usual tax and financial discussion.

When it comes to intergenerational planning and leaving a legacy, we ask our clients to join us in a very special conversation focused on them.

Here are some of the questions we ask:

  1. Other than money and tangible assets, what do you want to leave your children and grandchildren?
  2. What do you consider to be your most important accomplishments?
  3. How is the world different because of you?
  4. What lessons do you still want to teach others?
  5. What knowledge or wisdom do you still have to share? With whom do you want to share it?
  6. What do you want people to say after you leave a room?
  7. What do you want to family to say when you are gone from this earth?

If you are interested in creating a legacy that includes and transcends the technical, then your Resonate team is excited to share a conversation with you.

Barbara A. Culver
CFP®, ChFC®, CLU, AEP®
Resonate, Inc.
(513) 605-2500

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04Oct
Resonate’s Enhanced Services
Intergenerational Planning

Richness of Life

 

 

As a natural result of our clients’ busy lives, it is becoming increasingly clear that planning to meet their life and financial goals is rapidly becoming more complex.

Therefore, to act on our dedication and commitment to our clients, I am pleased to share that we have enhanced our services to include the following:

  1. Tax strategies designed to optimized the tax efficiency of a retirement portfolio both current and in the future.
  2. An annual Medicare check-up.  Whether you are currently covered with Medicare or you know someone who is, here are items that need to be updated each year:
  • A change in prescription medications;
  • Gradual increases in the Medicare gap filler or Part D premiums;
  • If a current carrier has discontinued the Medicare Part C or D plan;
  • A change in legal name;
  • A change of residence.
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14Sep
Inherited IRAs for Non-spouse Heirs
Intergenerational Planning

inherited-iraRecently we’ve had a significant number of questions from clients regarding inherited IRA’s for non-spouse heirs.

Here are some of the common pitfalls that sadly trap the unaware:

  1. Not properly dividing the IRA among the heirs.  For example, if the account is not split,  the age of the oldest beneficiary will be used to calculate the Required Minimum Distributions (RMD’s). This shortens the number of years the money can grow tax-deferred.
  2. Naming a trust as the beneficiary of an IRA requires special communication with the IRS by October 31 of the year following the year the owner died. Otherwise the trust is considered a non-designated beneficiary which may trigger payout of the entire IRA sooner than planned.
  3. While Roth owners never have to take distributions, non-spouse beneficiaries must take distributions.
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02Aug
While There’s Still Time: Questions for Your Elders
Intergenerational Planning

One moment my mother could speak and the next she suffered a devastating stroke that stole her voice for the remainder of her life.

Here are some of the questions I wish I had asked “while there was still time”…

  1. What is your most important life lesson?
  2. What advice do you have for me to help me avoid regrets in life?
  3. What are your top three values?
  4. Tell me about a difficult or painful time in your life and how you got through it.
  5. What did you learn from this experience?
  6. What beliefs do you hold that are timeless?
  7. What is an important question I did not ask?

These conversations are labeled with one word – “Priceless.”

May you make the time to give your loved ones – and yourself – this priceless gift.

If you are interested in more questions of this type, contact us and we’ll provide them for you.

Barbara A. Culver
CFP®, ChFC®, CLU, AEP®
Resonate, Inc.
(513) 605-2500

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13Apr
Intergenerational Planning
Blogs / Articles

Intergenerational Planning

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