"The conversations about wealth transfer and wealth management are as important as they are difficult," says Greg Firek, manager of Regions Morgan Keegan Trust Office in Williamson County, TN. "It is vital to remember that having difficult conversations can help keep your family strong."
Managing Your Money
One of the first issues retirees face is how to manage their money. People are living longer today, and they may need more wealth to cover expenses throughout the course of a lifetime.
According to the American Association of Retired People (AARP), the best method to create an effective spending plan is to consider where you are and where you want to end up. Then, sit down together with a certified financial planner and decide how to plan the rest of your life.
Planning for the Future
While most people would rather live independently as long as possible, responsible planning should include considerations for any long-term health care you may need.
"Many members of the sandwich generation now are trying to decide how to pay for long-term care for a parent—and even finding a facility," says Firek. "This confusion could have been avoided by preplanning and having a conversation about these needs. I also encourage those eligible to look into purchasing long-term care insurance, which can help pay for these services."
Caring for Your Family
Perhaps the biggest area families neglect to discuss is estate planning. Many times, wills aren't updated with regularity—meaning that a grandchild may be overlooked or an important change in the family dynamic may not have been considered.
"Most people prepare a will at the time of their retirement," Firek says. "But it is just as important to revisit your will in your 70s or 80s. This way, you can have peace of mind about your family's future. It is also just as important to discuss with your family the specifics and location of your will. This can ease tense situations that may arise after your passing."
Call Regions Morgan Keegan Trust at (615) 748-2922 and we'll help you find a trust manager in your area.
Trust services are provided by Regions Morgan Keegan Trust, a trade name of the trust division of Regions Bank. Securities and insurance products offered through Regions Morgan Keegan Trust are not FDIC-insured, not a deposit, may go down in value, not bank guaranteed, and not insured by any Federal Government Agency.