On Thursday, April 23, BWFA hosted Bob Mauterstock, author of Passing the Torch: Critical Conversations with Your Adult Children, for an insightful discussion. According to feedback from our guests, this was one of BWFA’s best seminars yet!
Mauterstock’s book will provide the tools necessary to develop a strong partnership that will help parents and children make critical decisions affecting multiple generations.
Talking with anyone about your finances can be awkward and difficult. But for many baby boomers, the realm of finance was one into which children were never invited. By not discussing financial matters openly with their children, these parents no doubt felt that they were protecting them from unnecessary worry and maintaining appropriate boundaries.
But now that the children of boomers are into adulthood, not knowing the basic outlines of their parents’ finances can be problematic for everyone, especially as boomers age and may require more help with making decisions and managing their legacies. What once seemed helpful and responsible can now become problematic and even dangerous.
In Mauterstock’s latest book, he provides a comprehensive, practical guide that leads baby boomers through the process of getting their financial lives in order and communicating their wishes, desires, and concerns to their adult children. For example, family meetings can open the lines of communication, and the book lays out the steps to prepare and hold such meetings. It also addresses critical areas such as legal issues that can impact the family, end-of-life planning, health-care planning, and passing on a legacy to the next generation.
For boomers who never saw the need to involve their children with family finances, Mauterstock’s book will provide the tools necessary to develop a strong partnership that will help parents and children make critical decisions affecting multiple generations.
Bob Mauterstock is an accomplished speaker, author, and sought-after authority on the concerns of baby boomers and their desires to develop cohesive plans to preserve their financial security and pass on meaningful legacies. For more than a quarter of a century, he helped families achieve a comfortable, worry-free retirement. Bob received his bachelor’s degree in psychology from Princeton University and his master’s in Education from the University of Connecticut. He is a former Naval aviator and is a Certified Financial Planner®, Chartered Financial Consultant, and Chartered Life Underwriter.