Discussions between parents and children are not easy and get more complex as we advance to different stages in life Regardless of how mature we think we are as the parent or the child some discussions are just “not fun” Preparing and engaging in them creates stress and anxiety however not having them may result in a more devastating outcome, The most difficult family discussions, 1, Adulthood independence and life choices Understanding death Relationship breakups Family conflict Finances Not only are the topics difficult but getting advice on how to approach them can be challenging too especially if you are trying to hold on to family secrets Early adulthood conversations such as the “birds and bees” may seem to be the most difficult but later conversations about your money…, shouldn’t we talk to them about our estates so that good decisions are made to protect our legacies, According to a 2023 survey 63% of Americans do not have conversations with their family about money   2 As parents we are often hesitant to let our children know our net worth because we may be afraid it will cause them to be less motivated Children may also be hesitant to have the conversation because they do not want to consider their parents declining health or mortality Such conversations may…, Talking to your children about your money, If we want our children to do well with our assets we should explain what we are doing and why Discussions about money   should start by explaining your values and showing how money can be used as a resource to maintain each value For example   if a family highly values education for themselves and others parents should explain how their estates should be used to provide education for family…, Other things your children should know, Your children or other beneficiaries  should also know where to find key contact information and documents in an emergency Items to cover in your discussions may include  Basic personal information such as dates of birth past marriages  parents full names birth places grandparents maiden name Critical documents such as marriage license birth certificates social security cards passports insurance…

Every family should be able to have healthy discussions but the reality is that for many this may prove challenging Busy schedules geographic distance changing values and complex family structures are among several factors that might complicate these much needed conversations Although many of us know we should not avoid certain family conversations postponing them often seems like the easiest…, The past couple years have had a sobering effect on many of us It has brought us to the realization that regardless of our age or stage in life we may not always have the luxury of as much time as we once thought  Families often postpone discussions about their assets and wishes until someone is elderly and perceived to be in their last stage of life However such conversations are necessary…, The “talk” is about your legacy, How do you start the talk  Initiating conversations about money and life changes can be difficult because they require asking personal and sensitive questions that can be viewed as inappropriate They also require providing very honest answers to those people who will have to execute plans on behalf of a loved one  Eighty-five percent of Americans age 55 and older believe it is the parent’s…, Key information family members should know, Someone should know where to find key contact information and documents in an emergency Items to cover in your discussion may include Critical documents such as a marriage license birth certificates social security cards passports insurance policies and pension statements Basic personal information such as dates of birth past marriages parents full name birth places and grandparents maiden name…, not,  having these discussions well in advance of need has the potential to create more stress and anxiety in the long run when some event happens in our lives to make the conversation a necessity Your wealth advisor can help facilitate the conversation and help you decide how best to begin the conversation Mesirows document locator can help you keep track of the location of your most important…, Published February 2025, 1 https//wwwcaringcom/caregivers/estate-planning/wills-survey 2 https//wwwbusinesswirecom/news/home/20221011005297/en/Only-One-Third-of-Americans-Have-an-Estate-Plan-DA-Davidson-Survey-Find 3 https//wwwaarporg/content/dam/aarp/research/surveys_statistics/ltc/2017/family-caregiving-rolesdoi1026419%252Fres00175001pdf 4 https//imagesembankofamericacom/HOST-01-19-2701/ML_Legacy_Studypdf  

Financial planning is largely an exercise in risk management, —, you prepare for the costs you can anticipate and set aside an extra amount to cover the costs you can’t Most people think of anticipated costs in terms of recurring expenses mortgage payments insurance payments groceries utilities and so forth Those are important of course but what many people don’t consider is regular healthcare costs which is certainly also part of risk management, To make healthcare management part of your financial plan consider the costs you’ll likely incur with normal health maintenance Those costs won’t be the same for everyone Most often people tend to focus on common recurring costs — prescription drug out-of-pocket costs premium payments associated with their health coverage and other top-of-mind bills But for some there are other predictable but…, How to plan for it financially, The most prudent way to pay for additional screening depends largely on your age and on how you plan to pay your healthcare costs Are you 65 or over Retired Planning to use Medicare or private health insurance Do you plan to use a Health Savings Account (HSA to cover expenses Or can you pay your anticipated medical expenses out-of-pocket and use your HSA as a tax-advantaged investment vehicle…

The small cap high yield market is not as well known or closely followed as the “traditional” market of bigger high yield issues — that’s exactly why small issues may offer high yield investors much more of what they are looking for overcompensated credit risk diversification and lower default rates This analysis uncovers compelling opportunities in small cap high yield revealing unexpected…, More income, | Small cap bonds trade on average 121bps wide vs large cap bonds 2, Lower default rate, | Small cap bonds have experienced a 16% lower average annual default rate than large bonds over the last two decades (38% vs 45% 3, Lower volatility, | Large cap bonds are much more volatile on a week-to-week basis vs small cap bonds (the respective annualized standard deviations of returns are 824% and 488% 4, Lower correlations, | Small cap bonds have lower correlation to the S&P 500 and Bloomberg Aggregate 5 Small cap high yield investors have benefitted from these factors for many years So why is no one paying attention We have our theories But first let’s see if the data backs up our assertions, More income, As shown in Chart 1 below small cap bonds trade on average 121bps wide vs large cap bonds which is not all that surprising Large household names are generally associated with more data transparency via equity research news coverage and research from industry consultants Such transparency applies to large issuers’ high yield bonds too – analysts have access to a wealth of standardized data that…