Page 78 - Life In Naples Magazine December 2014 Edition
P. 78
FINANCE
Turning complex strategies into
UNIVERSAL LANGUAGE
the whole family can understand
by Jill Ciccarelli Rapps, CFP®
Financial Advisor
J ust as each of us has unique characteristics, we also
communicate what you think is important
have our own language. A way of organizing thoughts for your family to know. One of the most
and communicating that makes sense to us based
effective ways to do this is to “call to
on our perception of the world. This makes financial order” a family meeting. Remember you
communication somewhat challenging between family can communicate as little or as much as
members. One hurdle is with spousal communication, you see fit, showing asset valuations or
or should I say, the lack of communication regarding financial not. Have a third party involved who can
strategies. We hear typical responses: “Oh my spouse does that, facilitate the meeting with your family.
I don’t have to worry”, or “I don’t want to even discuss my spouse The facilitator may also help with ideas
not having the ability to manage our affairs”. Unfortunately, and best practices so the entire family
these responses usually do not lead to a happy ending. Many walks away with a great experience. This will bring your family
people wonder how their children will handle their inheritance, communication to a whole new level and it may also enhance
and alternatively children are asking, “I wonder if my parents your planning significantly, in ways you never imagined. In
have all their finances in order?” my next article, I will address the power of family meetings,
The first suggestion, deal with this problem head on. Get and share ideas you may incorporate to get started. Until then,
your financials in order, but in a manner the whole family can start by re-examining the way you document your financial and
estate planning strategies and ensure they are in a format the
understand, not just in your language. Start with a balance
sheet listing all your assets with account numbers, how they whole family can understand.
are owned, and a most recent valuation. Most of the time doing
this exercise uncovers issues that need to be addressed. Most Jill Ciccarelli Rapps
people think that their wills or trusts control who will get what www.CASMoneyMatters.com
when they die. Surprisingly, many assets are transferred based
on provisions which can contradict but supersede your will or Jill Ciccarelli Rapps, is a certified financial planner and
trust. Be sure your financial advisor and/or your estate planning a trained life coach and is a Partner of Ciccarelli Advisory
attorney review all the titling of your assets to be sure they align Services Inc., a Family Focused Wealth Management Firm
with your estate plan. All too often, mistakes are uncovered that in Florida and New York.
can cause the family unnecessary taxes and financial losses as
well as a significant amount of grief. Ciccarelli Advisory Services, Inc. is located at 9601
Creating a visual flowchart of estate documents, financial Tamiami Trail North, Naples, FL (239-262-6577)
assets, and cash flow for the family is most useful. Who has
time to read through estate documents, and for that matter, Investment advisory services offered through Ciccarelli
understand legalese? Imagine taking the complex details and Advisory Services, Inc., a registered investment adviser
creating a visual that your spouse, family, or trustee can use to independent of FSC Securities Corporation. Securities
easily understand the foundation of your strategic financial and and additional investment advisory services offered through
estate plan in just minutes! FSC Securities Corporation, member FINRA/SIPC and a
So where do you keep all this? Somewhere easily accessible registered investment adviser.
by family members, or whomever you named to step up for you.
Here in Florida, if you keep everything in a safe deposit box The views expressed in this article may not reflect the
but you do not have an additional signor besides your spouse, it views of FSC Securities Corporation. This information is
will be difficult and time consuming for someone to access your not intended to be a substitute for specific individualized tax,
documents quickly. legal or investment planning advice.
Once you have things organized, don’t forget you need to
78 Life in Naples | December 2014
Turning complex strategies into
UNIVERSAL LANGUAGE
the whole family can understand
by Jill Ciccarelli Rapps, CFP®
Financial Advisor
J ust as each of us has unique characteristics, we also
communicate what you think is important
have our own language. A way of organizing thoughts for your family to know. One of the most
and communicating that makes sense to us based
effective ways to do this is to “call to
on our perception of the world. This makes financial order” a family meeting. Remember you
communication somewhat challenging between family can communicate as little or as much as
members. One hurdle is with spousal communication, you see fit, showing asset valuations or
or should I say, the lack of communication regarding financial not. Have a third party involved who can
strategies. We hear typical responses: “Oh my spouse does that, facilitate the meeting with your family.
I don’t have to worry”, or “I don’t want to even discuss my spouse The facilitator may also help with ideas
not having the ability to manage our affairs”. Unfortunately, and best practices so the entire family
these responses usually do not lead to a happy ending. Many walks away with a great experience. This will bring your family
people wonder how their children will handle their inheritance, communication to a whole new level and it may also enhance
and alternatively children are asking, “I wonder if my parents your planning significantly, in ways you never imagined. In
have all their finances in order?” my next article, I will address the power of family meetings,
The first suggestion, deal with this problem head on. Get and share ideas you may incorporate to get started. Until then,
your financials in order, but in a manner the whole family can start by re-examining the way you document your financial and
estate planning strategies and ensure they are in a format the
understand, not just in your language. Start with a balance
sheet listing all your assets with account numbers, how they whole family can understand.
are owned, and a most recent valuation. Most of the time doing
this exercise uncovers issues that need to be addressed. Most Jill Ciccarelli Rapps
people think that their wills or trusts control who will get what www.CASMoneyMatters.com
when they die. Surprisingly, many assets are transferred based
on provisions which can contradict but supersede your will or Jill Ciccarelli Rapps, is a certified financial planner and
trust. Be sure your financial advisor and/or your estate planning a trained life coach and is a Partner of Ciccarelli Advisory
attorney review all the titling of your assets to be sure they align Services Inc., a Family Focused Wealth Management Firm
with your estate plan. All too often, mistakes are uncovered that in Florida and New York.
can cause the family unnecessary taxes and financial losses as
well as a significant amount of grief. Ciccarelli Advisory Services, Inc. is located at 9601
Creating a visual flowchart of estate documents, financial Tamiami Trail North, Naples, FL (239-262-6577)
assets, and cash flow for the family is most useful. Who has
time to read through estate documents, and for that matter, Investment advisory services offered through Ciccarelli
understand legalese? Imagine taking the complex details and Advisory Services, Inc., a registered investment adviser
creating a visual that your spouse, family, or trustee can use to independent of FSC Securities Corporation. Securities
easily understand the foundation of your strategic financial and and additional investment advisory services offered through
estate plan in just minutes! FSC Securities Corporation, member FINRA/SIPC and a
So where do you keep all this? Somewhere easily accessible registered investment adviser.
by family members, or whomever you named to step up for you.
Here in Florida, if you keep everything in a safe deposit box The views expressed in this article may not reflect the
but you do not have an additional signor besides your spouse, it views of FSC Securities Corporation. This information is
will be difficult and time consuming for someone to access your not intended to be a substitute for specific individualized tax,
documents quickly. legal or investment planning advice.
Once you have things organized, don’t forget you need to
78 Life in Naples | December 2014
