Amidst the family celebrations, the holidays offer the opportunity to spend quality downtime together and also allow time to have quiet conversations with loved ones about what is important to your family.

These conversations may be parents discussing with their children their own plans for how they would like to leave assets to their children and grandchildren. These conversations may be children having conversations with older parents about planning for their parents’ futures and how to help them as they age.

Some families may want to consider family legacy planning, and the holidays offer a time to have multigenerational conversations about charitable giving which can be accomplished by establishing a donor advised fund, a charitable foundation, or a charitable remainder trust. It is often particularly important for children with older parents to understand what their parents’ assets are, so children can be helpful as their parents’ needs change over time. 

Broaching these subjects is often the hardest part, but the benefits for all involved are clear in having open communications and creating an environment for thoughtful conversations.   In our estate planning practice, we see the benefits of careful planning and open and deliberate dialogue within families. Making time for these conversations is a gift you’re giving to your family. We wish you a very happy holiday season!

Michele D. Gartland is a partner of Rucci Law Group, LLC. She practices primarily in the areas of trusts and estates. Michele can be reached at 203-202-9686 or at [email protected].