Tuesday, August 3rd, 2021

Wealth Needs a Seder Too

March 25, 2010 by  
Filed under Estate Planning

Many of us have accumulated assets over the years via inheritance, retirement plans, refunds, reinvestments, sudden opportunities or well-thought out, calculated moves. Amassing our family’s wealth can create another kind of clutter.

Most of us are reminded of some of our assets only at tax time, when we receive a statement showing what we earned or lost in the past year. Therefore, it is important to take inventory of what we own (and perhaps what we owe), just as we do when cleaning our cabinets for Pesach.

The Seder for our family’s assets comes in the form of preparing a list of all of the family’s assets – anything in which anyone in the family owns an interest – globally. Include the type of asset, its present day value and most importantly,  the title of the owner(s) of the asset.

This periodic inventory enables a family to make Seder (organize) among their assets, investments and liabilities, instead of living in the unknown. It enables the family to formulate a plan moving forward.

This financial Seder is the starting point for making significant decisions in our lives: will we take that vacation? Can we send a kid to college debt-free? Are we going to move?

And also: who will take care of us when we can’t? Who should get which asset? Why? What do we want the kids to do with the money after we’re gone?

To gain peace of mind regarding who will make financial decisions when you’re no longer able, and any other questions regarding the above, please contact me.

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