Blog

Phil Kruzan

When people come to Foster Group, it’s typically for one of the following reasons:

  • They’re looking for better investment management.
  • They want expert financial advice.
  • Their situation has become more complex and requires a coordinated approach with other professionals.

The biggest area of coordination is estate planning. Estate Planning is complex legally, financially, AND relationally. The estate planning process provides clarity on WHAT will be received, WHEN it will be received, HOW it will be received and, most importantly, WHO will be receiving it. In almost all cases, some (or all) of the beneficiaries are family members.

At this point in the conversation, it makes sense not only to meet the family members who are the beneficiaries, but to talk with those family members about how the transfer of the estate will affect their lives.  Whenever possible, it’s best to coordinate with them in regard to their own financial goals. Is there debt they’d like to pay down? Would they like to accelerate education savings for their kids? Are there charities to which they’d like to give?

Additionally, it’s good to establish open communication between the givers (Generation 1) and the receivers (Generation 2 and/or 3) of the estate. The best-case scenario is to facilitate a series of face-to-face conversations in which the generations can talk with each other. Things like the transfer of property, the amount of the inheritance, or “what mom and dad would have wanted” can easily lead to conflict if not done in a transparent and relational way. Now, add into this the complexity of one or more of the receivers acting as a Power Of Attorney, Executor, or Trustee and the potential for miscommunication and confusion within the family only escalates.

While these conversations can be scary, when done well, they are often meaningful, memorable, and very beneficial.

If you’re ready to begin the estate planning process and a multi-generational family conversation, Foster Group would love to help. Give us a call at 800-798-1012.

PLEASE NOTE LIMITATIONS: Please see Important Advertising Disclosure Information and the limitations of any ranking/recognitions, atwww.fostergrp.com/disclosures. A copy of our current written disclosure statement as set forth on Part 2A of Form ADV is available atwww.adviserinfo.sec.gov.


PLEASE NOTE LIMITATIONS: Please see Important Disclosure Information and the limitations of any ranking/recognitions, at www.fostergrp.com/info-disclosure/. A copy of our current written disclosure statement as set forth on Part 2A of Form ADV is available at www.adviserinfo.sec.gov.