Season 2 Episode 38: Broken ties: The impact of family estrangement on estate planning

Everyday Wealth

Jean Chatzky

Investing, Business, Education

2 • 935 Ratings

🗓️ 25 September 2023

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

According to a survey by the Cornell Family Reconciliation Project, 27% of Americans, approximately 68 million people, are now estranged from their family. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean and wealth planner Andy Smith address the financial side of estrangement and the estate planning challenges for changing family dynamics including multigenerational wealth transfer. Later in the episode, Erin Smith, a director of estate planning at Edelman Financial Engines, joins the conversation to explain the main components of an estate plan and why everyone should have one, especially those with complicated family situations.

Ms. Chatzky and HerMoney are not clients, agents, representatives, or affiliates of EFE. She is the host of EFE’s “Everyday Wealth” podcast. In return, she receives cash compensation as host and engaging in related activities. The “HerMoney with Jean Chatzky Podcast,” is sponsored by EFE. In this arrangement, HerMoney receives a fee based on the number of downloads, paid on a quarterly basis. Both HerMoney and Ms. Chatzky have an incentive to endorse EFE and its services due to these arrangements. For additional information, please go to https://www.edelmanfinancialengines.com/everyday-wealth/ and https://hermoney.com/t/podcasts/.

The use of trusts and estate planning involves a complex web of state laws, tax rules and regulations. The information provided is for educational purposes only and should not be construed as estate, legal or tax advice. Although some of the statistical information has been gathered from sources believed to be reliable, we do not guarantee its accuracy or completeness. You should consult with your financial advisor and tax or legal professional to help determine the best options for your particular circumstances.

This show is pre-recorded.

© 2023 YEAR Edelman Financial Engines, LLC. Edelman Financial Engines® is a registered trademark of Edelman Financial Engines, LLC. All advisory services provided by Financial Engines Advisors L.L.C., a federally registered investment advisor. Results are not guaranteed.

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Transcript

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0:00.0	The views expressed on this program are not necessarily the views of this station.
0:03.0	Content is for educational purposes only.
0:05.0	Consult a financial advisor or conduct your own due diligence if investing.
0:08.0	The show is pre-recorded.
0:09.0	Everyday Wealth is produced and created by Edelman Financial Engines and hosted by Jean Chatsky.
0:12.0	Ms Chatsky.
0:12.6	Miss Chatsky is not an employee or client of the firm.
0:14.8	She receives fixed cash compensation as host and for related activities and therefore has an incentive
0:19.2	to endorse Edelman Financial Engines and its planners.
0:21.3	For additional information, please see W. Edelman Financial Engines. its planners. For additional information, please see
0:22.5	W.W.
0:23.4	Edelman Financial Engines.com slash Everyday Wealth.
0:25.7	The 2022 top 100 independent advisory firm ranking issued by Barron's
0:29.1	is qualitative and quantitative, including assets managed by the firm,
0:31.9	technology spending, staff diversity, succession
0:33.8	planning, and other metrics.
0:35.1	Firms elect to participate but do not pay to be included in the ranking.
0:37.4	Compensation is paid for use and distribution of rating.
0:39.5	Awarded September 2022 based on data within a 12-month period. Investor experience and returns are not considered.
0:44.4	At the intersection of life and money,
0:48.1	this is Edelman Financial Engine's everyday wealth
0:51.3	with personal finance expert Jean Chatsky.
	...

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