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THE M WORD:  The Money Talk every Family Needs to have about Wealth and their Financial Future

Book Description

Finally, a simple and easy way to tackle the toughest topic of all…MONEY. It’s the taboo topic nobody wants to broach, the elephant in everyone’s living room. Not surprisingly, talking about money is a major cause of strife in U.S. households today. Planning for a family’s future often prompts a total breakdown in communication, causing lasting damage.

Table of Contents

  1. Cover
  2. The M Word: The MONEY TALK Every Family Needs to Have About Wealth and Their Financial Future
  3. Copyright Page
  4. Contents
  5. Acknowledgments
  6. Introduction
  7. 1 The Money Talk
  8. 2 Life’s Transitions
  9. 3 Changes in Financial Circumstances
  10. 4 Remarriage and Merging Families
  11. 5 Retirement Planning
  12. 6 Caring for an Elderly Parent
  13. 7 Preparing Heirs, Estate Transfers, and Business Successions
    1. Developing and Communicating a Plan to Transfer a Family Business
  14. 8 Preparing the Inner Landscape
    1. Does Anyone Really Have Control?
    2. Trust Is Essential to Weather a Financial Crisis
    3. Family Roles Are Played Out During Money Talks
    4. Accepting Inherent Gender Differences
    5. Brain Physiology Affects Money Choices
    6. Breaking Free of Instinctive Behavior Patterns
    7. Individual Temperament and Attitudes Are Expressed Financially
    8. Different Generations Lead to Different Attitudes Toward Money
    9. Everyone’s Family History Affects Money Behavior
    10. There Are Cultural Differences in How People Approach Money
  15. 9 Preparation Pays
  16. 10 Ask for Help
    1. How would you describe your typical client?
    2. What planning services do you provide?
    3. Does your planning include specific recommendations for investments or other products? If so, what kind of investments and products do you recommend, and why?
    4. Can you recommend only a limited number of products or services to me? If so, why?
    5. Do you provide individual security selection, or do you rely on outside money managers and focus more on asset allocation and manager selection?
    6. Do you do research in connection with individual selection of the securities and actually make the trades?
    7. Do you include the client in the choice of securities, or do you have discretion over the account and can trade on the client’s behalf?
    8. What kind of client do you work best with: one who is involved in the specific investment choices or one who is comfortable deferring to the advisor?
    9. What kind of due diligence do you and your firm conduct around investments and other products offered?
    10. How are you paid for your services? Are you paid on commission, a flat fee, or an hourly rate?
    11. How do you work with clients?
    12. Will my assets be housed with an independent third-party custodian?
    13. What auditor do you use?
    14. What is your track record?
    15. Can I get client references?
    16. Do you have any questions for me?
  17. 11 Practice Makes Perfect
    1. The Money Talk Checklist: The Five-Step Plan to Guide You Through Life’s Transitions
    2. Step One: What Transition Are You Facing?
    3. Step Two: Prepare the Inner Landscape
    4. Step Three: Prepare the Outer Landscape
    5. Step Four: Ask for Help
    6. Step Five: Repeat As Necessary
  18. A Final Word
  19. Epilogue
  20. Disclaimers
  21. Note from the Author
  22. Notes
  23. Index