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.

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