Love sometimes requires us to have tough conversations, transparency and judgment free zones with our family, friends and ourselves. If we don’t want 2020 to be a continuation of financial challenges from years past, or be overtaken by future challenges lurking just around the corner, we have to develop sound plans. And don’t just think about your four and no more. Get your family and friends on board too. We talk about everything else…from politics to religion and the economy. It’s time we get comfortable with talking about money matters and our own mortality.

Most of us spend the majority of our waking hours working whether for ourselves or somebody else. We understand that the wealth we accumulate we can’t take it with us, yet, we fail to put plans in place to make our money work for us while we are here and benefit generations to come when we are gone. Think about it for a moment. If you knew that most of your family wealth would be lost shortly after your death would you do something about it?

For many families, wealth is lost after the death of a loved one and following transfer to the next generation. Oftentimes it is preventable, if for instance, family discord is dealt with prior to death, clear plans are left behind and the next generation is prepared to assume control. Leaving it up to loved ones now standing before the probate court, each with an attorney on retainer to figure it out is not the best plan. I doubt any of us desire this ending for our family, friends or ourselves.

So for those of us that desire to write a different ending, I encourage you to check in with your trusted advisors and review your financial and estate plans. You may have set new goals for 2020 but the plans you made in 2019 or years past may not be effective in meeting your present needs. And if you don’t have any plans, now is a perfect time to make them. Encourage those around you to do the same. Lastly, if training, mediation or counseling is needed for family harmony, why wait? Trust me. Issues don’t just go away with time or death. However, a little planning can go a long way in building financially sound homes in 2020!