Small Changes, Big Results | Your Wealth Journey Podcast

0:00:02.3 Speaker 1: Welcome to your Wealth Journey podcast, powered by Bradford Financial Center, where we'll always share how small changes equal big results because your wealth journey is our focus.

0:00:14.1 Shallon Weis: Welcome back to your Wealth Journey podcast, produced by Bradford Financial Center. I'm Shallon Weis, a financial advisor with Bradford with offices in Clarion and Garner, Iowa, and we help individuals and families make confident, informed financial decisions through every stage of life.

0:00:29.9 Jim Tausz: And I'm Jim Tausz, president of the Bradford, with over 50 years of financial planning experience. Today we're talking about a part of financial planning that has very little time to do with market performance and everything to do with communication.

0:00:45.9 Shallon Weis: It's the family money conversation. Parents may be aging. Adult children may need guidance. A family business, farm, home, or legacy may eventually change hands. Everyone knows a conversation should happen, but no one is quite sure how to begin.

0:01:03.0 Jim Tausz: So families wait. Then healthcare events, death, caregiving needs, and other financial concerns forces decisions under pressure. The goal of today is this episode is not to tell families to share every single private detail, and show a little clarity before the crisis can protect relationships and make difficult moments more manageable.

0:01:29.3 Shallon Weis: We'll talk about what families really need to know, how to respect boundaries, and how to make the conversation productive. And then we'll finish with five and five: five questions that can open the door without making the discussion feel like an interrogation. So, part one: why families avoid talking about money. Jim, why is this so hard? Families talk about work and health, kids, travel, and nearly everything else, but money can still feel off-limits.

0:01:56.0 Jim Tausz: Money, Shallon, carries emotion. For one generation, privacy may be a sign of independence. For another, asking questions may feel like caring. Parents can hear, "we don't think that you can handle your affairs." Adult children may simply be trying to understand how they can actually help.

0:02:17.6 Shallon Weis: There can also be a fear that the conversation will turn into a discussion about inheritance, even when that is not the intent.

0:02:25.2 Jim Tausz: Exactly. The most productive conversations begin with purpose. Say why you want to talk. I want to understand what the call is if you need help. I want to make sure your wishes can be followed. That sounds very different from, how much money do you have?

0:02:44.9 Shallon Weis: Another barrier is the belief that the paperwork is already handled. Someone may say, I have a will, so everything is fine. But the family may not know where that will is, who the attorney is, or whether beneficiary designations and powers of attorney are current.

0:03:02.4 Jim Tausz: And financial life is broader than one document. There may be bank accounts, retirement plans, insurance policies, property, subscriptions, online accounts, trusted professionals. The family does not necessarily need every balance. It does need reliable way to find the information and contact the right people.

0:03:26.0 Shallon Weis: So, part two: what adult children need to know about aging parents. So let's be clear about the difference between helpful information and unnecessary intrusion. What is reasonable for adult children to understand?

0:03:39.6 Jim Tausz: Start with decision-making structure. Who has the financial power of attorney? Who has the healthcare power of attorney? Is there a will or trust, and where are the original documents actually kept? Which attorney, accountant, insurance professional, financial advisor should be contacted when the contact is needed?

0:04:01.7 Shallon Weis: It is also useful to know where important records can be found. That might be a secure physical file, password manager, or a written inventory that is stored safely.

0:04:12.4 Jim Tausz: Yes, but security matters. Don't email a full list of passwords and sensitive information in an obvious place. The plan should give an appropriate person access when needed without exposing the family to unnecessary fraud out there and identity risk.

0:04:30.7 Shallon Weis: And families should also discuss housing and care preferences. Would a parent want to remain at home as long as possible? Would they consider moving closer to family? Or is there insurance or other funding intended for care?

0:04:45.2 Jim Tausz: Well, those conversations are not binding promises. Circumstances may change, but knowing someone's preferences can guide decisions later too. It also gives the family time to understand the potential costs and the practical responsibilities therefore too.

0:05:04.2 Shallon Weis: And one more difficult topic is financial vulnerability. Scams are increasingly sophisticated and cognitive changes can make anyone more susceptible.

0:05:14.0 Jim Tausz: A family can agree on a few safeguards before there is a concern. Maybe a trusted contact is named with a financial institution. Large or unusual transactions prompted a second conversation, and anyone knows legitimate government agencies don't demand immediate payment through gift cards or [0:05:38.7] ____ currency. The tone matters. This is about creating a safety net that's out there, not taking away any independence whatsoever.

0:05:49.8 Shallon Weis: The part three: what parents should communicate to adult children. The conversation also goes the other direction. Parents often want their adult children to be responsible but may not explain the values or expectations connected to the family's resources.

0:06:05.3 Jim Tausz: That's an important distinction too. You can communicate values without announcing exact inheritance amounts. Talk about what money has meant to your family. Was it built through the business or a farm? Is education a priority? And also charitable giving, is it important? Are there assets and emotional meanings that have to have special care taken?

0:06:32.5 Shallon Weis: So that context can prevent beneficiaries from receiving assets with no understanding of the intention behind them.

0:06:40.1 Jim Tausz: I can also surface practical issues. Suppose one child works in a family business and another does not. Equal and equitable may not mean exactly the same thing because of these circumstances. Those decisions require thoughtful legal, tax, and financial guidance, but family communication can reduce and surprise and resentment can cause the problems.

0:07:08.2 Shallon Weis: Parents may also need to explain responsibilities. Who will serve as executor or trustee? Who will manage property? Who will care for a dependent family member or a pet? A name in a document should not be the first time someone learns they have been given a major job.

0:07:27.9 Jim Tausz: And if someone is not the right fit, it's better to learn that now. Most organized plans on paper can still struggle if people involved don't understand the role that they are unwilling to serve or take.

0:07:42.5 Shallon Weis: And part four: how to hold a productive family meeting. Family meeting sounds formal. Does it need to be?

0:07:49.1 Jim Tausz: Not at all. It can be a conversation at the kitchen table. What matters is the timing is intentional. Don't begin during a holiday dinner, in the middle of an argument, or immediately after the death or a health scare occurs. It [0:08:06.6] ____

0:08:08.5 Shallon Weis: It helps to set a narrow goal. The first meeting does not need to solve estate planning, caregiving, inheritance, and every account detail.

0:08:17.3 Jim Tausz: A good first goal might be, "let's identify the documents, the professional contacts out there we would need in an emergency." Once this is complete, schedule a second conversation about the care preferences or the family property.

0:08:36.3 Shallon Weis: And families should also decide who belongs in the room. Sometimes all adult children should hear the same information. In other situations, a smaller meeting is appropriate. If there is tension or complexity, an advisor or attorney can help keep the discussion focused.

0:08:54.6 Jim Tausz: Most importantly, listen. The meeting is not a takeover. Parents should be able to state their wishes. Adult children should be able to explain what help that they might realistically be able to provide. A plan that assumes one person will relocate, provide daily care, and manage complicated finances without asking, is it actually really a plan?

0:09:24.6 Shallon Weis: And write down the next steps. Maybe the power of attorney needs an update. Maybe documents need to be gathered. Maybe the family needs an introduction to the advisor. Clarity comes from turning a good conversation into a few specific actions.

0:09:41.5 Speaker 1: In our last five minutes, we'll bring listeners a roundup of five smart ideas they can apply to their own wealth journeys. So let's get started with this episode's five and five.

0:09:50.7 Shallon Weis: So let's do our five and five. Five questions that open the door. These questions are designed to begin a family conversation respectfully without demanding private details.

0:10:01.8 Jim Tausz: Choose one or two. Don't have to ask all five in one sitting.

0:10:07.5 Shallon Weis: So question one: if something happened tomorrow, who should we call first? This identifies the trusted professionals and family contacts who understand the plan.

0:10:17.6 Jim Tausz: Ask for names, contact information, not a full financial statement. Knowing the first call can save valuable time during an emergency.

0:10:27.6 Shallon Weis: And question two: where are the important documents kept?

0:10:31.6 Jim Tausz: Confirm the location of those... The estate assets and documents to find them. You have insurance information, property reports, and basic account inventories. All these are important in this process.

0:10:46.5 Shallon Weis: And make sure the right person can access them when needed, a locked safe is only helpful if no one is permanently locked out of it. And question three: who is authorized to make decisions? Ask who holds financial and healthcare authority and whether those documents have been reviewed recently.

0:11:04.9 Jim Tausz: Then make sure that the people named know about the responsibility and also be willing to serve.

0:11:11.6 Shallon Weis: And question four: what matters most to you if you need more help?

0:11:16.1 Jim Tausz: This invites a conversation about independence, housing, healthcare, family involvement, and quality of life.

0:11:24.4 Shallon Weis: It does not guarantee a particular outcome. It gives the family a compass when choices become difficult. And question five: is there anything you want the family to understand about your wishes or values? This is broader than money, and it gives parents room to explain the meaning behind a business, a farm, a gift, a charitable priority, or a family tradition.

0:11:46.0 Jim Tausz: Those stories can be as valuable as the assets themselves, and they often help future decisions feel grounded in purpose rather than assumptions.

0:11:57.1 Shallon Weis: And family financial conversations may feel completely comfortable, but they can become more natural when the goal is clarity, respect, and care.

0:12:05.7 Jim Tausz: You don't need to disclose every dollar or settle every future decision in one meeting. Begin with the information that would help you and your family respond well in an emergency then build from there.

0:12:19.5 Shallon Weis: And if your family needs help organizing the financial side of that conversation, Bradford Financial Center can help you identify the questions, coordinate with your other professionals, and create a plan that reflects what matters most to you.

0:12:33.1 Jim Tausz: Share this episode with a parent, adult child, sibling, or a friend who has been meaning to start that conversation.

0:12:41.7 Shallon Weis: So thanks again for listening to Your Wealth Journey with Bradford Financial Center. Until next time, take care and enjoy the journey.

0:12:51.7 Speaker 1: Thank you for tuning in to Your Wealth Journey podcast, powered by Bradford Financial Center. Be sure to tune in to our next episode where we'll continue to explore the smart financial strategies you need to know. Securities are offered through United Planners Financial Services, member FINRA, member SIPC. Advisory services are offered through Bradford Financial Center, a registered investment advisor. Insurance services are offered through Bradford Insurance. Tax and accounting services are offered through Bradford Tax and Accounting Network. Bradford Financial Center, Bradford Insurance, and Bradford Tax and Accounting Network are not affiliated with United Planners. Neither Bradford Financial Center nor United Planners provide tax or legal advice. This podcast is for general information and educational purposes only and is not intended to be specific advice for any individual. Consult your financial professional regarding your personal situation. All investing involves risk and there's no guarantee that any strategy will be successful.