Mary is a vibrant 70-year-old currently living in her own home. She’s recently been considering moving into an apartment in a retirement village, where she can continue to live independently, close to her two sons, Matthew, and Lou.

With an aged care facility also on the premises, Mary knows when the time comes, her transition into care will be prioritised and straightforward. Her years of experience working in the aged care sector compelled her to plan for this time in her life and she knows she wants to be in control.

However, Mary has been avoiding one crucial conversation with her family – the money talk. Over the years, Mary has accumulated a substantial stash of assets including shares, property, and managed funds. And while she plans to maintain her current lifestyle, she thinks it may be wise to reduce her assets now to mitigate future aged care expenses, as well as address the question of what happens to her wealth when she's no longer here.

Matthew and Lou have been avoiding this conversation too. Sure, they have an idea of Mary’s financial position. But they genuinely want what’s best for their mum, and as Gen Xer’s, they highly value independence and don’t want to be seen as controlling or having expectations of an inheritance.

Mary will likely have to initiate this important conversation because her children won't, and having knowledge, guidance, and a structure in place would make the process more comfortable for everyone.

So, let’s have that conversation first.

At DP Wealth, we serve as financial coaches, who consider your financial situation, family dynamics, personal aspirations, and core values to provide Estate Planning advice tailored to your unique circumstances.

We know these conversations can be delicate and strive to foster open and empathetic intergenerational communication, understanding that managing expectations is key to a seamless wealth transfer.

Once decisions are made, DP Wealth collaborates with your accountant, solicitor, and general practitioner to establish all the necessary structures are in place.

 Some key considerations we can discuss include:

·        Correct structuring of your assets and income for wealth transfer

·        Decisions around keeping or selling the family home.

·        Financial advice that may include shares, ETFs, unlisted property, managed funds.

·        Medical Directives

·        Testamentary Trusts

·        Business Succession

·        Nomination of superannuation death benefits

·        Funeral funding planning

So, let's have that important conversation to ensure you and your family’s future is protected. Let us help you to put a plan in place.

Call us on 4690 2588 for an obligation-free conversation about how we can help.