Estate planning is often part of a divorce settlement, and negotiation of these terms can be as integral to the divorce settlement as allocation of parental responsibilities, support issues, or division of marital estate. For example, even a relatively simple Marital Settlement Agreement may generally contain waivers of an ex-spouse’s right to make claims to the other party’s estate upon death, including rights to property and to act as a trustee or executor of the estate.
Family Life Stages
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Advice for Parents of Teen Drivers
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Statistics show that teenagers are more likely than any other age group to be in an automobile accident. In several tragic incidents, the use of a cell phone was involved.
Breakout Session 2B: Estate Settlement Readiness
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We invest a lot of time and energy figuring out the best way to pass wealth from one generation to the next. But how can anyone truly prepare for the practical realities of settling a family member’s estate while grieving and managing the impact of this loss on the family? This session will outline some of the things you can be thinking about now to be prepared for a death in the family, including planning for a family funeral.
One of the greatest concerns among wealthy parents is that the family’s great fortune might inadvertently lead to misfortune for their children. Raising responsible children in affluence is a life-long task requiring patience and persistence. Like learning to read, financial literacy is a process that is best started in early childhood. Teachable moments, alongside practical ways to teach children about wealth, are the beginning of financially responsible parenting.
From young adulthood to family formation and end-of-life planning, navigating the various stages of family life brings with it unique challenges for families of wealth. By understanding and proactively preparing for the complex issues and opportunities—including knowing how your money story shapes your financial personality and taking a positive approach to prenuptial agreements—families can be in a better position to move forward over the natural cycle of change.