Newsletter

7 Essential Questions to Ask Your Parents

By Kathy Longo, CFP®, CAP®, CDFA

Tuesday, 02 February 2016

7 Essential Questions to Ask Your Parents

A few years ago, my Mom was diagnosed with Stage 4 Hodgkin’s Lymphoma Cancer, which prompted some quick changes in our family as we were not prepared for a medical crisis.  The first priority was to find the best medical care possible, meaning a sudden move from her cabin life in Northern Wisconsin to Minneapolis where she would have access to significantly more medical resources.  My parents moved in with our family during her 6-month treatment plan, which was both a blessing and a challenge.  I am happy to report that my mother is doing well and has been “cancer free” for a couple of years.  However, the medical crisis made me realize the importance of getting in front of medical and financial matters before it is too late.  We were fortunate that this was an opportunity to update her estate documents, organize her finances, and get a long-term medical plan in place.  As I work with clients, I usually ask about their parent s’ health and finances.  The most common response is that their parents don’t talk about money, they are too private to discuss finances, or that money was a taboo topic growing up.

Kathy Longo | Talking About Philanthropy with the Minneapolis Foundation

Thursday, 10 July 2014

Kathleen Longo describes how retirement assets and a Donor Advised Fund can be the perfect solution for charitable giving as part of an overall legacy plan in Talking About Philanthropy

Shared by the Minneapolis Foundation, July, 10 2014

Many donor families are increasingly using a Donor Advised Fund to support their multi-generational giving. Donors Joe and Ellen Kim* wanted a giving vehicle that would allow them to share their charitable legacy with their three daughters and pass along their retirement assets without incurring tax liabilities. To fulfill both their giving and tax goals, the Kims named their donor-advised fund as a beneficiary of their IRA assets.

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