Category: Retirement

Financial Advice for People with Aging Parents – Sandwich Money Part 3

Financial Advice for People with Aging Parents – Sandwich Money Part 3

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Do you have aging parents and kids? This video is for you. It’s the third video from our Sandwich Money series, where Mike and Sophie discuss financial considerations for adults who have aging parents while also caring for their own children. At the end, Mike asks “Is it more impactful for them [beneficiaries] to get a big lump sum after they’ve already gotten through those hurdles on their own?”

This video is part 3 of a 3-part series called “Sandwich Money”, where Sophie and Mike discuss financial advice for adults who are sandwiched between raising children and caring for aging parents.

Part 1: Financial Advice for Young Parents

Part 2: Financial Advice for Adults with Children in the Workforce

Part 3: Financial Advice for Adults with Aging Parents

 

Topics in this episode include:

  • What do people with aging parents face financially?
  • Planning for long-term care
  • Why is it important to talk to your parents about their estate plan?
  • How can I bring up the estate plan talk with my parents?
  • Who do you decide who to make the executor of your will? the POA?
  • How do you set up a will without stress?
  • Have you ever had an executor challenge their parents?
  • When’s the right time to talk to your parents about their estate plan?
  • Bonus time: Retirees, how can you make sure your kids are comfortable and ok?
  • Retirees taking families on trips vs giving a lump sum inheritance

 

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Financial Advice for Parents of Adult Children – Sandwich Money Part 2

Financial Advice for Parents of Adult Children – Sandwich Money Part 2

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Are your kids starting new jobs? Graduating college soon? Getting promoted? Do they listen to you? Do you wish there was a mutual third party to help set them up for financial success? This video is part 2 of a 3 part series called “Sandwich Money”, where Sophie and Mike discuss financial advice for adults who are sandwiched between raising children and caring for aging parents.

Part 1: Financial Advice for Young Parents

Part 2: Financial Advice for Parents of Adult Children

Part 3: Financial Advice for Adults with Aging Parents

Topics in this episode include

  • Financial milestones for young adults
  • What should people consider with their first job offer?
  • Story: max your match, not max your contribution
  • Getting an unbiased third party for financial advice
  • Uncomfortable family conversations about money
  • Quality time instead of financial logistics and numbers
  • How do you introduce your young adult to a financial advisor?
  • What changes financially when you become an empty nester?
  • If you have multiple kids, who do you want to name as the executor?
  • A health scare that ended up positively
  • Cautionary tale: Have written agreements
  • Approaching the Estate conversation with your adult children
  • Ideal sequence of financial conversations for your adult children with an advisory team
  • What happens if you can’t think of someone to be the executor of your will?
  • What’s the scope of a corporate trust?
  • When do lawyers get involved?

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Financial Advice for Parents with Children in School – Sandwich Money Part 1

Financial Advice for Parents with Children in School – Sandwich Money Part 1

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Parenting is hard!

Mike eases the burden a bit with some tips about money for parents with children college age and younger.

This video is part 1 of a 3-part series called “Sandwich Money”, where Sophie and Mike discuss financial advice for adults who are sandwiched between raising children and caring for aging parents.

Part 1: Financial Advice for Young Parents

Part 2: Financial Advice for Adults with Children in the Workforce

Part 3: Financial Advice for Adults with Aging Parents

Topics in this episode include:

  • Why is money an important topic for parents with young children?
  • What does it mean for a kid to be financially literate?
  • When is the right time to talk to kids about money?
  • How do you explain the relationship between work and money to kids?
  • How do you make learning about money fun for kids?
  • How can we help children understand the value of money when it’s digital?
  • How to teach kids about saving money.
  • When should you talk to your child about credit cards and credit debt?
  • How can I teach my child about investing money?
  • How can an advisor help parents with young kids?
  • What’s the difference between trust and a will?
  • What’s the going rate for allowance?

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Talking To Your Family About Your Estate Plan (Ep. 25)

Talking To Your Family About Your Estate Plan (Ep. 25)

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Why is talking about money with your family so taboo? How can we take some of the awkwardness out of talking about money? Is it important to discuss your estate plan with your children? How much money transparency is too much? Hear what Jason Deshayes, COO and Partner, and Sophie Howell, CXO, have to say about why talking about money can be so funny.

 

Listen now to learn:

  • How do different generations approach money differently?
  • How can you set good money habits in your family?
  • How can you contextualize money for small children?
  • How do you bring up the estate planning conversation with your children?

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Connect with Sophie Howell

 

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What is an Experience Team? (Ep. 24)

What is an Experience Team? (Ep. 24)

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What is the Cook Wealth Experience Team? What is a Chief Experience Officer? How do these things help us deliver the best client and employee experience possible? Learn how the idea of the Experience Team at Cook Wealth, LLC came to be. Jason Deshayes hosts Sophie Howell on the latest episode of the Own Your Wealth Podcast.

 

Listen now to learn:

  • What does a Chief Experience Officer do?
  • Who is on the experience team?
  • Where did the idea for the experience team come from?

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What are Wealth Management Advice Teams? (Ep. 23)

What are Wealth Management Advice Teams? (Ep. 23)

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What is Cook Wealth doing to serve clients better? How are we making sure we can serve the needs of our clients AND making sure we keep top talent on our team as we grow?

Historically, the wealth management model has centered around one advisor serving one client. What happens if the advisor leaves the company? What happens if the advisor goes on vacation? How do people get training to become wealth advisors? At Cook Wealth, our Advice Team models include a Senior Advisor, an Associate Advisor, a Planner, and a Client Services Associate. This model allows for growth within roles. It also ensures clients have zero gaps in service and their needs are served efficiently.

Listen now to learn:

  • What are Advice Team Roles?
  • What does each role do?
  • How do Advice Teams ensure I have the best service?
  • What is Cook Wealth working on next?

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Making a Clean Break: What You Need to Know About Changing Financial Advisors or CPAs (Ep. 22)

Making a Clean Break: What You Need to Know About Changing Financial Advisors or CPAs (Ep. 22)

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We get it—the decision to change financial advisors or CPAs isn’t an easy one. But if you’re struggling to reach your advisor, don’t see eye-to-eye on risk or investment strategies, or are ready for a deeper level of support, this awkward conversation can be a necessary one. 

In this episode, host Jason and special guest Dave McDougall, CFP® offer simple advice for smoothing out the transition process from one firm to another. From bringing up the conversation with your advisor, to walking out with the right paperwork, if you’re considering making a switch, this timely discussion will help you navigate the “breakup” process—without triggering an unexpected tax bill. 

Listen now to learn:

  • Why the courtesy of a heads-up goes a long way
  • Key questions to ask before you sign with a new advisor
  • How to transfer your funds without locking in capital gains taxes
  • The most important paperwork to request before you leave
  • And more

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2024 Tax Changes: How to Plan Now and Pay Less (Ep. 21)

2024 Tax Changes: How to Plan Now and Pay Less (Ep. 21)

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No one wants to overpay on their taxes. But if you’re not reviewing the biggest annual tax changes with your CPA or tax advisor, and adjusting your savings, contributions, and spending accordingly, you may be leaving significant savings on the table. 

In this episode of Own Your Wealth, host Jason sits down with Zach Carver, CPA, CFP® to review the key tax code changes we’re watching in 2024. From new 401K contribution limits and sunsetting tax cuts, to fewer business expense deductions, this strategic conversation is a can’t-miss for high-earners and business owners. 

Listen now for:

  • What’s changing in 2024
  • How to improve the accuracy of your tax planning—and reduce your year-end payment
  • Tax-smart ways to lower your bill, even after January 1st
  • Why automatic contributions may be costing you
  • And more

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Do You Need a Niche? Chris Hervochon’s Advice for Growth-Minded Business Owners (Ep. 20)

Do You Need a Niche? Chris Hervochon’s Advice for Growth-Minded Business Owners (Ep. 20)

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Niching down—choosing a specialty and focusing your efforts around it—can help a business grow faster, develop better services, and provide greater value to the customers it serves. But for entrepreneurs, the decision to find your niche, and stay committed to it, isn’t always an easy one. 

In this episode of Own Your Wealth, host Jason Deshayes is joined by Chris Hervochon, CPA, CVA, and owner of Better Way CPA, an accounting firm that serves creative agencies. Chris shares his experience with narrowing his focus and how choosing a niche helped his company achieve accelerated growth. 

Whether you own a business—or you’re considering launching one—listen now to learn:

  • Why finding your niche is rewarding, financially and professionally
  • Chris’ own journey to specialization, and the profound impact that decision had on his CPA firm
  • How niching down increases the value of your offering
  • Tips for overcoming the mental barriers that keep entrepreneurs from finding their niche
  • And more

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Growing Your Dental Practice: What They Don’t Teach You in School, With Dr. Jeff Brenner (Ep. 19)

Growing Your Dental Practice: What They Don’t Teach You in School, With Dr. Jeff Brenner (Ep. 19)

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The transition from working for a dental practice to owning your own practice is a complicated one. One day you’re solely focused on serving patients. Then the next, you have a growing team, cash flow, and fully-fledged business to manage—on top of your patient load. As host Jason puts it, “Business ownership is not for the faint of heart, that’s for sure.”

In this episode of Own Your Wealth, host Jason sits down with Dr. Jeff Brenner, the owner of a successful and growing dental practice, and a long-time Cook Wealth advising client. In this behind-the-scenes look at practice ownership, they discuss why many owners struggle with managing cash flow, the value of seeking professional advice, and what they don’t teach you about ownership in dental school. 

Listen now to learn:

  • How Dr. Brenner navigated his transition to ownership
  • Why your practice is only as strong as your team
  • How to effectively manage your revenue throughout changing business cycles
  • The role of professional guidance in decision-making and thriving through change
  • And more

Dr. Jeff Brenner is a current client of Cook Wealth and was not compensated for his participation.

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Cook Wealth Management Group, LLC is a registered investment advisor with the U.S. Securities and Exchange Commission.

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