Problems Don’t Age Well

Have you ever heard the phrase, problems don’t age well? I heard that this morning at a presentation from Tom Deans, author of Every Family’s Business. The meeting or presentation was all about family business legacy and estate planning but I had a ton of take aways that apply to my family even it if isn’t about a family business. Some things and questions that he discussed that apply to both are:

  • Your money is always moving.
  • What does your wealth do for your family?
  • Are you keeping your assets a secret from your family?
  • Do you have a transition plan for your business or your assets?
  • Do you talk about your assets and plans with your family?

There were a ton of other questions but these certainly sparked my interest and made me think about my communications with my family. Fortunately we recently finished our estate and will planning but haven’t shared it with our daughters yet. This is on the to do list now for sure. He repeatedly stated transparency is the best all the time. Not just when you choose. So my big take aways are:

  • Be open about our plans
  • Be open about our assets
  • Exchange Wills with the family (if you don’t have one or your kids don’t, get one asap)
  • Discuss what we have decided for transition of assets
  • Have annual family meetings to discuss all of this.
  • Make sure our kids have formal Life Plans

Action Items

  • Review the above questions
  • Decide on what you need to implement for your family
  • Do a Life Plan if you don’t have one
  • If you really want to get your head in the right spot explain in detail
    • WHAT YOUR LAST DAY AT WORK LOOKS LIKE AND WHAT YOU PLAN ON DOING AFTER THAT