How to Talk About Your Financial Plan While Passing the Pie

Thanksgiving could be a good time to begin making your retirement and estate plans clear to your family. Here’s some advice on getting the conversation started.

A family celebrating a holiday passes out slices of pie.
(Image credit: Getty Images)

Talking about finances with your family can be challenging. Questions such as, "When I die, will you be my executor?” or “My wishes after I pass are…” may not come up naturally when your home is filled with family members and smells of the approaching feast. However, Thanksgiving is a time for families to gather and express gratitude, so the holiday can be the perfect opportunity to start a discussion about financial goals, values and securing your financial future together.

Below are some questions and topics to guide a conversation this Thanksgiving to help your family understand financial plans, set (or manage) expectations and overcome natural resistance. This list is by no means exclusive, and you shouldn’t feel like you have to wrap up all of these topics in one meal or meeting. Each family is navigating distinct circumstances — and these suggestions can encourage readers to consider what is most important for their family. The goal is not about resolving every issue. Rather, it is about beginning the conversation that sets your family up for success and opens the door to additional conversations in the future.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Michael J. Faust, CFA
President, Wealth Management, Bailard

Michael oversees the activities and personnel of the Wealth Management Group at Bailard. Mike has been in the investment industry for 26 years; 21 of which have been with Bailard. Michael is also responsible for developing and implementing investment policies for individual clients and for maintaining client relationships.