The money conversations you may have had with your children when they were growing up are certainly different once they become young adults. At some point the realities of your wealth become more tangible for them and it becomes crucial how you approach these discussions. This can affect your strategy for wealth management and how you might transfer that wealth to future generations.
Life during a pandemic feels like the twilight zone. The comfort of routine, the bustle of activities to keep us busy every day, the predictability of tomorrow, essentially washed away overnight. Our lives turned upside down and now here we are five months later. What do we make of all of this?
Beginning in early spring, our families made the mutual decision to practice social distancing until there was a cure or a safe vaccine for COVID-19. It is a personal choice we arrived at together, but it has been difficult for the children to understand why they can no longer see their beloved grandparents in our home on a regular basis. It was time to depend on technology and a little bit of creativity, and it’s worked out pretty well for us. I thought I’d share some of my ideas and hope they inspire you.
A historic pandemic precipitated historic economic implications both in the U.S. and around the world. It is safe to say 2020 has been one for the record books, and it is only half over! Uncertain times like the environment we currently face breed stock market volatility, and so it is no surprise that we have seen some of the wildest swings in stock prices this year.
If I had predicted in early April that just three months later, stocks would have rebounded and recouped most of their losses, you would have laughed at me. Yet, here we are. During the second quarter, there was a complete turnaround in sentiment, reflecting rising optimism for a vaccine for the COVID-19 virus and a nascent economic recovery.
During the past few weeks, protests against systemic racism, prejudice and economic and social injustice have erupted across the country. As a firm, we did not want to remain silent on these issues. At the same time, we also felt it was important to take a moment to listen, learn and look inward. We wanted to make sure that any words expressed were accompanied by meaningful action and real change.
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