Estate planning is about more than deciding who gets what. Poor planning, unequal circumstances among children, prior financial assistance, caregiver responsibilities, and mismatched inherited assets can create family conflicts that last for years.
Richard Rosso and Jonathan McCarty discuss how to have the important conversations before an estate plan is finalized, including treating siblings differently when their circumstances are different, caregiver contracts for children who live nearby, inheritance stipulations, beneficiary alignment, and why “equal” isn't always the same as “fair.”
We also discuss sequence-of-returns risk, longevity planning, financial literacy in America, what children learn about money from their parents, the problems with financial advice from fin-fluencers, tipping and the DoorDash debate, and why financial education really begins at home.
Plus, a preview of estate planning for pets and why even the family dog deserves a place in the planning conversation.
0:00 - INTRO
0:18 - October in Houston
1:52 - Website Redux & Financial Planning Colonoscopy
3:03 - Sequence of Returns Risk
6:08 - Hedging for Longevity Risk (Function Health)
9:20 - How the US Compares to Other Countries w Basic Aspects of Financial Literacy
13:26 - Teaching Kids Financial Literacy - It Starts in the Home
14:03 - Fin-fluencers' flaws
18:34 - Learning About Money from Parents
19:17 - The Door Dash Argument (and tipping)
24:11 - Estate Planning & Pets (teaser)
25:21 - Estate Planning & Inheritance Stipulations
27:42 - Dealing Differently with Different Siblings
28:40 - Financial Assistance to Siblings - Prior Assistance
30:37 - In-state vs Out-of-state children & Care-giver Contracts
34:03 - The Fatted Calf of Inherited Assets - Beneficiary Alignment to Assets is Critical
36:05 - Have the pre-Estate Planning Discussion
38:31 - How to Keep Your Estate Plan from Tearing your Family Apart
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Hosted by RIA Advisors' Director of Financial Planning, Richard Rosso, CFP w Senior Investment Advisor, Jonathan McCarty, CFP
Produced by Brent Clanton, Executive Producer
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Articles Mentioned in Today's Show:
"Sequence Of Return Risk: The Math That Breaks Retirements"
https://realinvestmentadvice.com/resources/blog/sequence-of-return-risk-the-math-that-breaks-retirements/
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Watch our previous show, "Is the Term Premium Misleading the Fed?"
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