Family can be tough.

And making decisions around family can be really tough.

I was meeting with a client this week, working with them on some of the patriarch’s estate planning.  This individual is very committed and does everything for their family. However, while one of the siblings is not a bad person at all, they do struggle to always make the right decisions around the use of money.

So, we began having discussions about why the current trust and estate plan was not be in anyone’s best interest, and better options.

“If Karl runs out of money, then what?”  I asked.

They looked up, attentive to what I said next.

“Look, you can always give more over time. Or even match earned money. What I don’t think you want is the potential loss of a relationship with him. This is a way to help with that.”

Family and financial discussions seldom mix. But that does not mean they don’t need to happen.

At the end of the day, I think maintaining open and honest dialogue is the best practice.

Difficult, yes.  But still the best course of action.

Probably true in everyday life, too.

Family won’t always be there.  But while they are here, make the most of that time.

Most of all, be clear on expectations and never be afraid to communicate those expectations.

After all, it’s the relationships that matter most in life, and they’re worth fighting for!

-J.D.