Hosting A Family Meeting

Question: I’d like to organize a family financial planning meeting over the holidays. What suggestions do you have?

Answer: The first questions are “Where should you meet? Who should be there? and What should you discuss?” This is a time to talk about estate planning, which includes sharing the wealth but also an opportunity to pass down family values and history to the next generations. Preparing everyone for the responsibilities they’ll inherit is as important as selecting the right financial strategies.

Where should you meet?

Depending on logistics, the meeting could be as simple as hosting an extended dinner. If you’re spread out, you could organize a family reunion or add another day to a vacation to talk about the future and your wishes.

When choosing the meeting location, think about where everyone will feel most comfortable. Perhaps it’s somewhere familiar like your home or a more formal setting like your financial advisor’s office. Maybe you’d prefer someplace completely neutral like a private room in a restaurant, resort, or hotel.

Who should be there?

Who attends depends on what you want to discuss. You may want to discuss very personal matters individually with immediate family first, then bring the conversation to the group which could include in-laws and grandchildren and your professional advisors to help you take action on follow-up items. Sensitive subjects should be addressed carefully to build a consensus and trust among decision makers.

Consider what role the relevant players will play. Are there those who are financially savvy, others who are the family historians, and some who are more responsible than others? Decide who will communicate with the family attorney, accountant, trustee, and coordinate with your financial advisor. You may designate one person to spearhead your family’s philanthropic endeavors and educate the rest of the family. Capitalize on each person’s skill set to keep the lines of communication open, lend a sense of accountability and keep everyone engaged during the meetings and beyond. The roles can be adjusted in the future, so no one feels burdened or left out. Consider assigning a family secretary to keep track of action items and to document what decisions were made.

What should you talk about?

Have an outline and begin with the importance of a job well done by each person at the table emphasizing the value of hard work and integrity as antidotes to a sense of entitlement. Designing a mission statement helps to identify the intentions for your family wealth that you may hope to promote with philanthropic endeavors. Another topic is the value of higher education. Family support can help the next generation reach their educational goals.

Beyond this outline, some family members may be interested in entrepreneurial endeavors. Are there the means to help, either financially or through introductions and networking? If you’re a business owner, have you planned for the succession of your business once you retire? How might your family or children play a role in that transition?

Health, mobility, and caregiving concerns should be addressed. Whether you’re the matriarch or patriarch or a concerned son or daughter, these very real issues should be addressed before they start taking a toll. Who will take care of whom, and for how long? Where will you live? What renovations may need to be made? Share your wishes and listen to each other as you navigate this topic.

Family changes and dynamics affect the conversation. How will you address changes in beneficiaries after births, marriages, or divorces? What about inheritances for children, stepchildren, or half-siblings? These discussions can be uncomfortable, making it important to talk through them together and decide what makes the most sense for your family’s situation.

When should you reconvene? 

After this discussion, you may need one or two longer meetings to take actions, followed by shorter gatherings held semiannually or annually. After your initial conversation, you may be better able to gauge what will work best for you and your loved ones. Stay focused and invest accordingly.

The opinions expressed are those of the writer as of December 2, 2021. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional., but not necessarily those of Raymond James and Associates, and subject to change at any time. Every investor’s situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. This information is general in nature, it is not a complete statement of all information necessary for making an investment decision and is not a recommendation or solicitation to buy or sell any particular investment. Investing involves risk and the possible loss of principal invested. Information has been obtained from sources considered reliable, but we do not guarantee that the material presented is accurate or that it provides a complete description of the securities, markets or developments mentioned. There is no assurance any of the trends mentioned will continue or that any of the forecasts mentioned will occur. Economic and market conditions are subject to change. Past performance may not be indicative of future results.

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