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Inter-Generational Family Meetings

 

Aging affects every aspect of personal experience and relationship.  In each new attained decade priorities, risks, benefits, and available resources shift and change.  In families (traditional or extended) every member has a vested interest in the financial implications.  However, financial issues reach well beyond dollars and cents.

 

Facilitated Intergenerational Family Meetings (IFM) provide an opportunity to address critical financial issues for the benefit of the elder person and the cooperative concerns of the family. Here are common questions asked by prospective clients considering an IFM.

 


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At what point should a family schedule an IFM?

 

Most often, families schedule an IFM appointment in response to a crisis or major concern such as:

 

·          A caregiver overburdened or compromised financially.

·          The event of identity theft or fraud.

·          Unexplained distribution of assets.

·          Increases in health care and insurance costs.

·          Unmonitored financial advisors.

·          Unmanageable elder living situation.

·          Spending-down of assets and asset preservation.

 

Who attends an IFM?

 

Participants are determined by intention and circumstances. When the intention of the meeting is to generate a transparent and trusting support group for the benefit of the elder person, the elder person sets the agenda and decides who should attend.  

 

Often siblings, in an effort to find a cooperative plan for dealing with elder issues, will do a IFM in order to (a) identify available resources within the group, (b) explore outside resources, (c) distribute equitable responsibly and, (d) address specific concerns.

 

What is the scope of an IFM?

 

When the elder person has the capacity they set the scope and agenda for the meeting.  Elder clients generally target subjects of greatest concern while other family members are often interested in a broader, more comprehensive agenda.  The value in limiting the meeting to concerns of the elder person is twofold; (1) to have the opportunity to identify the elder person’s priorities and, (2) to avoid tedious and sometimes painful conversations between other family members.

 

Sometimes the elder person is not involved in family meetings. Although family members may not have authority to make financial decisions for elders it can be very productive to use the IFM as a venue to discuss individual and cooperative concerns and issues. Well managed meetings create transparency within families and improve the likelihood of the highest quality of support and protection for the elderly.

 

Family awareness and cooperation helps:

 

·          Limit exposure to identity thief and fraud.

·          Assure sufficient cash flow for basic needs.

·          Identify poorly managed investments.

·          Eliminate exploitation by unscrupulous service providers.

·          Provide increased access to resources.

·          Avoid misunderstandings regarding family:

o        Loans

o        Supplemental Income

o        Inheritance

o        Compensation to Caregivers

 

For additional information regarding Intergenerational Family Meetings contact, 503-233-8142 or Susan@moneytalksllc.com