Private Air New York

www.privateairny.com Private Air New York | Spring 2016 52 HEIRS By: Anthony D. Criscuolo P eople often find it harder to talk about money than politics, death or religion. To get family money issues out in the open. You don't necessarily have to be in the '1 percent' to benefit from having one or more family meetings. Family meetings will generally fall into one of the following types. Big-Picture Meeting A first family meeting often falls into this category. It covers the family's overall financial situation and long-term plans. Don't make decisions at the first meeting. Instead, try to achieve understanding between various family members about financial matters. Family members can discuss their views of the family's wealth—both dollars and cents, and also thoughts about responsibility, fairness and philanthropy. is type of discussion can be useful whenever there is an important change in the family situation, whether good (a wedding, a baby, or a major windfall) or bad (job loss, major financial setback, or a death in the family). Whenever something major changes, a general meeting can give family members permission to talk frankly about the long- term implications, financial and otherwise. Conversations about Inheritance A family meeting can be a top-down explanation of a couple's or an individual's plans. Subsequent meetings may be appropriate if a gift or an estate plan is substantially changed or updated. e details shared may be as broad or as specific as the individuals involved think appropriate, but may include: • Inheritance plans for adult children • Inheritance plans for grandchildren or great-grandchildren • Philanthropic intentions • Explanation of the selection of executors and trustees FAMILY MEETING CAN RESOLVE MONEY ISSUES, GET EVERYONE ON SAME PAGE

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