Family Wealth Succession Planning
Often elders are protective and private about wishing to share financial information with their children or those who will benefit upon their death. It is understandable that elders do not want to be viewed merely as a potential source of money as they get older. Sometimes a grown child may wish to take advantage of a parent by having property titled in joint names or encouraging estate planning documents to be executed naming the child as beneficiary, executor and power of attorney. However, often the elder wants to eliminate or reduce conflict among the elder’s children regarding the transfer of family wealth to the younger generation. A Family Mediator can moderate and facilitate this conversation between family members in a safe and confidential environment.
For many families, an open discussion about estate planning can clear the air and put into effect planning that will protect the elder during the elder’s life and also reduce taxes and nursing home costs so that the elder can transfer more of his or her wealth to the younger generation. Having this process done with all the facts in face-to-face discussions led and facilitated by a Family Mediator is an effective and efficient way to meet this goal.
Through Family Mediation (and consulting on eldercare law with an estate planning attorney and/or elder law attorney), the family can put into effect estate planning documents when there are none in place, or correct the documents that are in effect before it is too late.
In Family Mediation, misunderstandings between children and parents can be corrected before death comes, and the opportunity is forever lost.
If you are considering elder mediation services, and would like to speak with a MCFM mediator, search our database for elder planning mediators specializing in Elder Mediation Services within the Commonwealth of Massachusetts.
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