10-9-26 How to Keep Your Estate Plan From Tearing Your Family Apart

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 ==== Hosted by RIA Advisors' Director of Financial Planning, Richard Rosso, CFP w Senior Investment Advisor, Jonathan McCarty, CFP Produced by Brent Clanton, Executive Producer ------- Do you enjoy our content? Rate us on Google: https://bit.ly/4b9JtEo ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/lv-\_wZgiOsI?feature=share -------- 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/ -------- Watch our previous show, "Is the Term Premium Misleading the Fed?" https://youtube.com/live/qPprFRCSGlg ------- Get more info & commentary: https://realinvestmentadvice.com/insights/real-investment-daily/ ------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN --- Subscribe to SimpleVisor : https://www.simplevisor.com/register-new --- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #EstatePlanning #Inheritance #FinancialPlanning #FinancialLiteracy #RetirementPlanning