Why It’s Hard to Talk About Wealth

Money is deeply personal. For many families, it’s tied to values, identity, and even past struggles. Retired parents may worry about how their children will react—Will they feel entitled? Will it change their motivation? Will it cause tension among siblings?

These concerns are valid. But avoiding the conversation can create even greater problems down the road. Without clarity, your family may face legal disputes, tax burdens, or emotional rifts that could have been prevented with a simple conversation and a solid plan.

The Benefits of Talking Early

Having a family conversation about your estate plan offers several advantages:

• Clarity and transparency: Your children understand your wishes and the reasoning behind them.
• Reduced conflict: Clear communication helps prevent misunderstandings and disputes.
• Financial preparedness: Your heirs can plan for the future with more confidence.
• Peace of mind: You’ll feel more secure knowing your legacy is protected.

In fact, some families are choosing to give a “living inheritance”—gifting part of their estate while they’re still alive. This allows parents to see the impact of their generosity and support their children when it matters most. As The Globe and Mail notes, this approach can be powerful, but it requires careful planning to ensure it doesn’t jeopardize your own financial security.

How to Start the Conversation

1. Choose the right time and setting: A relaxed, private environment—like a family dinner or weekend visit—can make the conversation feel more natural.
2. Be honest about your intentions: Share your values and goals, not just the numbers.
3. Involve your financial advisor: A neutral third party can help explain the technical aspects and keep the conversation focused.
4. Document your plan: Make sure your will, power of attorney, and beneficiary designations are up to date and reflect your wishes.

You Don’t Have to Do It Alone

At Viner & Selig Wealth Management, we specialize in helping retired women and their partners in Nova Scotia navigate these sensitive conversations with confidence. Whether you’re planning to leave a legacy, gift during your lifetime, or simply want to ensure your family is financially prepared, we’re here to guide you every step of the way. Book a meeting here.

🔗 Read more: The benefit of giving your kids a chunk of their inheritance before you die – The Globe and Mail 

This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Viner & Selig Wealth Management is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Advisor.