You want the legacy you leave behind for your loved ones to be a positive one that you can be proud of. A well-crafted estate plan is a crucial part of that equation; however, it’s not the only part. Organizing your financial affairs and creating a plan is great, but unless you effectively communicate that plan to your loved ones, it will not be enough.
Neuberger Berman’s Karen Drancik has seen firsthand how communication can make a huge difference in a family’s ability to navigate life after the death or incapacitation of a loved one. Karen recently joined XML’s Michelle Cooper and Lauren O’Brien for a webinar on preparing your loved ones for the future: “Leaving A Lasting Legacy.”
A Family Love Letter is a great way to give your loved ones a gift they will truly appreciate: the gift of information. With a Family Love Letter, you can create a roadmap for the next generation and pass along your stories, hopes, and desires in the event of your incapacitation or death. Most importantly, you can give your loved ones security and stability during a challenging time.
Everyone has a junk drawer in their house. But when it comes to your estate, the last thing you want is for your children to have to rummage through the “junk drawer” of your estate plan to find the information they need to settle your affairs. Your loved ones are going to be experiencing an incredible amount of grief and stress, and there will be a lot of confusion about what to do next. By communicating your plan to your loved ones, you can help provide security and protect family relationships, and the Family Love Letter makes it easy to tell your story.
Karen, Lauren, and Michelle shared a number of great insights and tips in this must-watch discussion. Building an effective estate plan takes time and hard work — don’t risk it going to waste due to a lack of communication. If you have any questions or want to discuss your estate plan after viewing, please don’t hesitate to reach out to the team at XML Financial Group.
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Karen Drancik is a Senior Vice President at Neuberger Berman, where she has worked since 2006. Karen is a Business Development Advisor with the Neuberger Berman Advisor Institute. Previously, Karen was regional vice president and alternative investment specialist at Evergreen Investments, where she sold Hedge Fund of Funds, Private Equity, Managed Futures and Commodities funds. Karen has over 20 years of portfolio management and sales experience with firms such as Wachovia and Bank of America Capital Management. Karen received a BA in Political Science from the University of North Carolina at Chapel Hill.
Michelle Cooper, JD, MBA is the Director and Co-founder of XML-W, a division of XML Financial Group that focuses on the planning and financial needs of women at all stages of their lives. She brings to XML-W over 25 years of experience in the estate planning, finance and tax fields. Prior to joining the XML team, she worked for Merrill Lynch and U.S. Trust (both entities are now owned by Bank of America) as a Director, helping high-net-worth clients design and update their estate plans. She also had the responsibility of educating over 650 financial advisors on estate planning and trust services. Before starting her career at Merrill Lynch in 1996, she worked as an attorney specializing in tax and estate planning for the law firms of Ralph R. Polachek & Associates and Joseph, Gajarsa, McDermott & Reiner, P.C.
Lauren O’Brien, CFP®, CPA is a CERTIFIED FINANCIAL PLANNER™ professional, committed to helping her clients on their life journeys with thorough financial planning. She partners with clients to create a roadmap. She believes in building clients’ confidence in their financial decisions, and she is a strong proponent of ongoing financial literacy and education. Lauren’s journey has afforded her opportunities to work in three continents with several prestigious firms, including Wells Fargo Advisors, Bank of America Merrill Lynch and Deloitte. Fully bitten by the travel bug, she continues to enjoy travel, both locally and globally. She recently visited her 46th state, as part of a quest to see all 50 U.S. states, and she has traveled to six of the seven continents over the last decade. Lauren is proud of her commitment to her community.
*This webinar is for educational and informational purposes only. Content is not intended to be a recommendation or solicitation for the sale or investment in any product, strategy or service nor should it be perceived as individual advice.