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THE M WORD: The Money Talk every Family Needs to have about Wealth and their Financial Future

Book Description

Finally, a simple and easy way to tackle the toughest topic of all…

MONEY. It's the taboo topic nobody wants to broach, the elephant in everyone's living room. Not surprisingly, talking about money is a major cause of strife in U.S. households today. Planning for a family's future often prompts a total breakdown in communication, causing lasting damage. Research indicates that a staggering 70 percent of heirs lose their money, assets, and family harmony in the aftermath of estate transfers. This brilliant new book is about to change all that.

Radio personality and financial advisor Lori Sackler has devoted her professional career to solving the financial problems plaguing families today. Here she introduces a set of groundbreaking tools for anyone who needs to discuss money with loved ones. She shows families how to communicate about money matters through all of life's transitions--changes in financial circumstances, remarriage and merging families, retirement, preparing heirs, and transferring wealth.

The M Word will literally change the way your family views, spends, and transfers assets, wealth, and family values. You'll learn how to approach the thorniest of subjects without anxiety or stress, and your family will reap the benefits of secure financial planning for generations to come. Using the author’s five-step action plan to successfully prepare for, initiate, and execute the "money talk," you'll be able to:

  • Understand why the money talk is crucial and challenging for families
  • Tackle the issues that accompany wealth transfers and life's transitions
  • Overcome the roadblocks that can keep families from communicating
  • Prepare yourself and your family--logistically and psychologically--for the money talk
  • Create a process for repeated talk that can keep your family and finances intact

The M Word shows you and your family how to negotiate all aspects of financial planning for all generations--without stress or worry.

Praise for The M Word

"[M]akes a compelling argument for having 'the money talk.'" -- The New York Times

"Lori Sackler's advice on overcoming the money taboo will not only help families successfully transfer wealth and deal with all of life's transitions, but actually become happier in the process." -- Shawn Achor, author of the international bestseller The Happiness Advantage

"Lori Sackler masterfully delivers honest, timeless, and highly useful guidance that will help investors and their families successfully navigate crucial life transitions and financial decisions." -- David M. Darst, CFA, Chief Investment Strategist, Morgan Stanley Wealth Management

"The M Word should be on the bookshelf of every parent looking for guidance on how to talk to the next generation about money." -- Eileen Gallo, PhD, and Jon Gallo, authors of Silver Spoon Kids

"The M Word will take you by the hand and give you what it takes to survive and thrive financially during these trying times." -- Joan Hamburg, WOR Radio

"Lori Sackler provides many insights about how families can cope with the financial dimensions of what she calls 'life's transitions.'" -- Richard C. Marston, Director of Wharton's Private Wealth Management Program

"Families can spare themselves a lot of heartache by reading The M Word." -- Gail Saltz, MD, Clinical Associate Professor of Psychiatry, The New York Presbyterian Hospital

"I'm ordering books for my sons and stepsons so we can have the 'money talk' Lori's book encourages." -- Martin M. Shenkman, estate planning attorney and author

Table of Contents

  1. Cover
  2. The M Word: The MONEY TALK Every Family Needs to Have About Wealth and Their Financial Future
  3. Copyright Page
  4. Contents
  5. Acknowledgments
  6. Introduction
  7. 1 The Money Talk
  8. 2 Life’s Transitions
  9. 3 Changes in Financial Circumstances
  10. 4 Remarriage and Merging Families
  11. 5 Retirement Planning
  12. 6 Caring for an Elderly Parent
  13. 7 Preparing Heirs, Estate Transfers, and Business Successions
    1. Developing and Communicating a Plan to Transfer a Family Business
  14. 8 Preparing the Inner Landscape
    1. Does Anyone Really Have Control?
    2. Trust Is Essential to Weather a Financial Crisis
    3. Family Roles Are Played Out During Money Talks
    4. Accepting Inherent Gender Differences
    5. Brain Physiology Affects Money Choices
    6. Breaking Free of Instinctive Behavior Patterns
    7. Individual Temperament and Attitudes Are Expressed Financially
    8. Different Generations Lead to Different Attitudes Toward Money
    9. Everyone’s Family History Affects Money Behavior
    10. There Are Cultural Differences in How People Approach Money
  15. 9 Preparation Pays
  16. 10 Ask for Help
    1. How would you describe your typical client?
    2. What planning services do you provide?
    3. Does your planning include specific recommendations for investments or other products? If so, what kind of investments and products do you recommend, and why?
    4. Can you recommend only a limited number of products or services to me? If so, why?
    5. Do you provide individual security selection, or do you rely on outside money managers and focus more on asset allocation and manager selection?
    6. Do you do research in connection with individual selection of the securities and actually make the trades?
    7. Do you include the client in the choice of securities, or do you have discretion over the account and can trade on the client’s behalf?
    8. What kind of client do you work best with: one who is involved in the specific investment choices or one who is comfortable deferring to the advisor?
    9. What kind of due diligence do you and your firm conduct around investments and other products offered?
    10. How are you paid for your services? Are you paid on commission, a flat fee, or an hourly rate?
    11. How do you work with clients?
    12. Will my assets be housed with an independent third-party custodian?
    13. What auditor do you use?
    14. What is your track record?
    15. Can I get client references?
    16. Do you have any questions for me?
  17. 11 Practice Makes Perfect
    1. The Money Talk Checklist: The Five-Step Plan to Guide You Through Life’s Transitions
    2. Step One: What Transition Are You Facing?
    3. Step Two: Prepare the Inner Landscape
    4. Step Three: Prepare the Outer Landscape
    5. Step Four: Ask for Help
    6. Step Five: Repeat As Necessary
  18. A Final Word
  19. Epilogue
  20. Disclaimers
  21. Note from the Author
  22. Notes
  23. Index