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Children and money

When helping may be hurting: take caution with credit card balance transfers

Submitted by Byron Moore, CFP® & Mike Jones on April 14th, 2015
By Byron Moore, posted April 14, 2015

Originally published in The News Star and The Shreveport Times on Sunday, April 12, 2015.

Question: My adult child has only been working a few years and ran up a credit card bill at a favorite department store. The interest rate is outrageous. How can I help him transfer the balance to another card with lower interest? 

Answer: Why would you want to do that? 

I don’t want to make my children rich

Submitted by Byron Moore, CFP® & Mike Jones on April 6th, 2015
By Byron Moore, posted April 6, 2015

Originally published in The News Star and The Shreveport Times on Sunday, April 5, 2015.

Question: I’m coming up on retirement in the few years. You may think I’m terrible, but I don’t want to leave my kids a bunch of money. We raised them and they’re all on their own now and I just don’t feel any need to sacrifice our retirement just to leave them a pile of money. So how does that change things when it comes to retirement planning? 

Answer: First, I don’t think you’re terrible. I think you’re scared. 

Podcast - Righting wrongs in your will

Submitted by Byron Moore, CFP® & Mike Jones on February 20th, 2015
By Byron Moore, posted February 20th, 2015

The following segment first aired on KEDM 90.3 on December 17, 2014

Justice done through a will too often comes across as vengeance.  A loving conversation held before that will be very meaningful to you and immeasurably healing to your family after you’re gone.
Click the picture above to play/pause audio.

Podcast - Adult children still dependent on parents

Submitted by Byron Moore, CFP® & Mike Jones on January 16th, 2015
By Byron Moore, posted January 16th, 2015

The following segment first aired on KEDM 90.3 on November 5, 2014

Here’s a situation I see all too often: a retired couple with children still dependent on them for financial support. Unless there is mental or physical illness involved, my reaction is, “What?!”Adult children dependent on parents.jpg

     
 

Podcast - Five steps to teaching your children about money

Submitted by Byron Moore, CFP® & Mike Jones on January 2nd, 2015
By Byron Moore, posted January 2nd, 2015

The following segment first aired on KEDM 90.3 on October 8th, 2014

You can influence your older children and grandchildren to have healthy attitudes and habits towards money and material goods through a tried and true parental process:

     
 

Successful succession

Submitted by Byron Moore, CFP® & Mike Jones on December 22nd, 2014
By Byron Moore, posted December 22nd, 2014

The following column was published in The News Star on Sunday, December 21, 2014.

Question: What exactly is a succession? I’ve heard the term but I don’t really know what it is. I know it has to do with what happens when someone dies. Is it required? If a spouse dies, how long do you have to file one?

Answer: One of the big rules in life and law is that you can’t take it with you. The dearly departed may go to their reward, but all that stuff they amassed while they were here – they leave that all behind. And someone has to own it.

Podcast - Adult children still dependent on parents

Submitted by Byron Moore, CFP® & Mike Jones on November 14th, 2014
By Byron Moore, posted January 16, 2015
The following segment first aired on KEDM 90.3 on November 5, 2014

Here’s a situation I see all too often: a retired couple with children still dependent on them for financial support. Unless there is mental or physical illness involved, my reaction is, “What?!”

Adult children dependent on parents.jpg

     
 

Podcast - Avoid Inheritance Squabbles

Submitted by Byron Moore, CFP® & Mike Jones on November 4th, 2014
By Byron Moore, posted November 4th, 2014

The following segment first aired on KEDM 90.3 on September 3rd, 2014

Face it, you couldn’t control the behavior of your children when they were little – what makes you think you can control them after you are gone? But you can do the best you can to influence what happens upon your departure.Avoid inheritance squabbles.jpg

     
 

Do you need a life insurance trust?

Submitted by Byron Moore, CFP® & Mike Jones on November 3rd, 2014
By Byron Moore, posted November 3rd, 2014

The following column was published in The News Star on Saturday, November 1, 2014.

Question: I have decided to buy a pretty large life insurance policy on myself so that if something happens to me my wife can keep raising the kids. She would have to forgo much of her career to raise our kids alone, so it wouldn’t be fair for her to have to go back to work later in life just because I died early. So I’m good with all that, but I am not interested in some dude coming along after me and sweet-talking my wife out of the money I leave for my her and my kids. How to I keep that from happening?

Answer: The way I usually hear this expressed is, “I trust my wife completely. It’s the guy after me I’m worried about.”

Passing along family wealth wisely, part 2

Submitted by Byron Moore, CFP® & Mike Jones on October 20th, 2014
By Byron Moore, posted October 20th, 2014

The following column was published in The News Star on Saturday, October 18, 2014.

Question: We are nearing retirement and it seems we’ll have more than enough. We want to begin passing some of our wealth to our adult children while we are young enough to see them use and enjoy it. But we do have some concerns about one of the marriages. And we don’t want to give them so much now that we end up being a burden to them later. How do we find the right balance?

Answer: As I stated last week, the secret to finding balance is having a plan.

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