Podcast appearances and mentions of tim prosch

Tim Prosch, author of The Other Talk, discusses why he wrote his book. The Other Talk refers to the conversation every parent should have with their adult children about their end-of-life wishes. It’s hard to have these conversations, and Tim’s book is meant to be a catalyst to begin this important dialogue. You’ll hear the negative consequences of what may happen if you avoid this talk, and get practical pointers on how to get the discussion rolling. Invest for your children’s future Are you thinking about investing money for your kids so you can give them a milestone gift for graduation or a wedding? Planning a milestone gift can be difficult for parents. Doug offers a smart way to invest in order to have enough cash at life’s milestones. Learn how to set up investments for your children, so they won’t have access to the money before the intended time. Avoid the common mistakes parents make when they invest in their kids’ futures. Doug covers some of those mistakes and has some useful strategies in planning gifts for the future. Learn more about Tim’s work at www.theothertalk.com. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

Why You Need to Talk to Your Adult Children about Your Finances By Douglas Goldstein CFP® - helping olim handle their U.S. investments from Israel Do you find it difficult to discuss with your adult children what should happen with your finances towards the end of your life? If so, you’re not alone. People don’t like thinking about their own mortality or losing control. Moreover, as family relationships aren’t always easy, discussing issues such as power of attorney, healthcare proxies, and estate planning can get very complicated. For these reasons, many families push off this conversation for as long as possible. If you don’t speak with your adult children about your finances, they may have difficulty picking up the pieces and taking care of you and your affairs if you become too infirm to take care of yourself. The emotional and monetary effects of taking care of an elderly parent without any direction can be very hard, especially if your adult children are raising families of their own at the same time. How to have “the talk” The best way to let your adult children into your finances is to talk with them. If you can’t physically do that for any reason, compose a list of all your assets, where they are, what you want to happen when you’re no longer able to look after yourself, who would take care of you, and other important issues. Make sure to sign the appropriate documents so your children have the legal means to make financial decisions on your behalf (Power of Attorney, Trading Authorization, etc.) If you have a financial advisor, invite your adult children to the attend meetings. Let them know who helps you with your finances and who to ask for reliable, objective advice when necessary. While you can’t ever know exactly how long you will live or stay healthy, taking a disciplined approach and sharing your financial situation, goals, and strategies can save a lot of heartache for everyone down the road. For more about why sharing your finances with your adult children is so important, listen to Tim Prosch, author of The Other Talk, on The Goldstein on Gelt Show at here. Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. www.profile-financial.com. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.

Host: Maurice Pickard, MD It's a common rite of passage for parents to have "The Talk" with their kids about the beginning of life (aka the birds and the bees). But as parents age, the "Other Talk" focusing on their later years of life is equally important. Yet this discussion between parents and adult children is frequently neglected, leaving both parties with no contingency plans or options after a health crisis hits. In The Other Talk: A Guide to Talking with Your Adult Children About the Rest of Your Life, author Tim Prosch explores critical questions for later life planning such as how parents should manage their finances and budget for unknown needs, where to live if assistance is required, and which medical treatments and advocates should be sought. Dr. Maurice Pickard hosts.

Host: Maurice Pickard, MD It's a common rite of passage for parents to have "The Talk" with their kids about the beginning of life (aka the birds and the bees). But as parents age, the "Other Talk" focusing on their later years of life is equally important. Yet this discussion between parents and adult children is frequently neglected, leaving both parties with no contingency plans or options after a health crisis hits. In The Other Talk: A Guide to Talking with Your Adult Children About the Rest of Your Life, author Tim Prosch explores critical questions for later life planning such as how parents should manage their finances and budget for unknown needs, where to live if assistance is required, and which medical treatments and advocates should be sought. Dr. Maurice Pickard hosts.