Category Archives: estate planning

Married to an Optimist

If you’re married to an optimistic man who is also a procrastinator, beware. He’ll postpone taking action about things he doesn’t like to think about, often until it’s too late. I think of my friend Carol and her husband Ted.

The storm wasn’t supposed to hit until evening. “I’ll only be gone a few hours,” her husband had said. “ I have to meet this client before the weekend. We’ll review the papers when I come back.”

The storm hit early. The bridge held; her husband’s heart didn’t. When she got to the hospital, he was hooked up to life support. His eyes were closed; he couldn’t talk. His sons consulted with the doctor. They ignored her.  Even after ten years, the boys still resented their father’s remarriage after their mother died.

Feeling invisible and helpless, his wife sobbed. If her husband survived, he would need heart surgery and extensive rehabilitation. His outdated estate plan, with provisions tailored for his first marriage, appointed his sons as holding durable powers of attorney.  She would have no say in the matter. She knew the sons would not include her in their decisions. If her husband died, his previous will, still in effect, would benefit the adult sons from his first marriage.

A few weeks before his heart attack, they had consulted an estate attorney to bring the plan up to date and reflect their ten years of marriage. She had been so relieved when her husband finally acknowledged how frightened she was not to have financial protection in case something happened to him.

He was the optimist in the family, always expecting the best, looking for the silver lining around every dark cloud. She loved that about him; it balanced her own tendency to brood and worry about things she couldn’t control.

You have a choice – Create an estate plan, make sure you’ve signed the durable powers of attorney and know that you’ve done what you need to do about things you can’t control.

The other choice? Hope for the best.

 

 

 

 

“Money” Conversation Not About Money

Psychiatrists have long equated the reluctance to write a will, prepare an advance directive or estate plan, with fear of dying.

Who wants to think about planning for death? We have to confront our mortality. No more illusions that it won’t happen to us. We have to face giving up our possessions and power. We have to deal with uncomfortable subjects like aging, illness, death, inheritance and a host of other things we’ve managed to avoid thinking about.

Having the ‘money conversation’ is rarely ‘just about money’. It’s also about family dynamics, mistakes, regrets, guilt, and a host of other issues. Children feel morbid, greedy and intrusive asking their parents questions about money and death. The parents don’t want to start conversations about ‘touchy’ subjects either. The result – people procrastinate, hoping for the best. Hope is not a strategy. It’s a procrastination tool and most often, it doesn’t work.

Click the buy the book button:

www.moneyloveandlegacy.com/

Check out the guide  for opening the conversations that matter between parents and children.Follow the check lists for what parents need to put in place so children aren’t burdened with a financial and legal mess after parents die.

It’s truly an act of love for parents to get their affairs in order.