Thanksgiving Recipe for Financial Success

By Michael Schneider on November 21, 2023

Thanksgiving is that special time of the year when you take time from your busy schedules and spend quality time with your loved ones. It’s a time to share a meal and catch up on life events, and if the tryptophan from the turkey hasn’t kicked in yet, maybe think about discussing some year-end financial planning items. Below is a list of five essential conversations to weave into your Thanksgiving traditions.

1. Emergency Preparedness: Document Access

It’s not something we often think about, but having a plan for accessing essential documents in case of an emergency is crucial. Discuss with your family how to access important documents like wills, trusts, insurance policies, and financial account information. Make sure someone trustworthy knows where these documents are kept and how to reach them when needed.

2. Beneficiary Updates: Ensuring Your Intentions Are Clear

Have you reviewed your beneficiary designations lately? Thanksgiving is the perfect time to discuss who is listed as beneficiaries on your life insurance, retirement accounts, and other assets. Make sure your intentions are up to date and align them with your current family situation. Beneficiary forms can often be overlooked, but they play a vital role in ensuring your assets go where you want them to.

3. Estate Planning: Ensuring a Smooth Transition

Having an estate plan is about more than ensuring a smooth transition of assets. It is also for passing down traditions and family values. Spend some time reviewing your estate plan and ensure it reflects your current wishes. This might involve updating your will, establishing trusts, or planning for long-term care.

You don’t have to lay it all out at the Thanksgiving table (we suggest a Family Meeting for a more in-depth discussion) but giving your loved ones a quick update if there have been any changes made can clear up any confusion.

4. Financial Goals and Dreams: Aligning Your Visions

Thanksgiving is an excellent occasion to review your family’s financial goals and dreams. What are your aspirations for the future? Are you saving for a major purchase, education, or retirement? Sharing these objectives and aligning your visions can lead to better financial planning for everyone and bring the family closer.

5. Charitable Giving: Sharing Your Values

The holiday season is synonymous with giving. Discuss your family’s values when it comes to charitable giving. Whether you wish to support local causes, organizations, or specific charities, these discussions can lead to a more impactful and coordinated approach to giving back to your community.

As you gather around the Thanksgiving table this year, consider setting aside some time to review some of these items. Ensure that your financial house is in order and that your family’s financial future is secure, even if your kitchen is bustling with activity.