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Deciding when and how to bring family members together to share your vision for how your wealth will be distributed is a very personal, and often difficult, decision. Consider the following suggestions for when and how to bring the next generation of your family together to learn about your estate plan and long-term goals for your wealth. TYPES OF FAMILY MEETINGS Every family is unique so one type of family meeting may fit better than another. Consider involving a wealth management professional who can help identify which approach is right for your family. Or ask a member of your wealth management team to serve as an independent third party to mediate the conversation. Family Councils: Some families create a family council consisting of family members from each generation. Family Foundations: Others view family meetings as a time to involve loved ones in their family's private foundation. For many families, it is important for younger generations to get involved earlier rather than later in life. Family Business Meetings: For family members who are not working for the family business, attending a family business meeting is a way to involve them in the business in a way that will not impact daily operations. Next-Generation Education: Sometimes, next-generation meetings can be more focused on wealth preservation and financial education. CONSIDERATIONS FOR FAMILY MEETINGS Finally, it is common to arrange family meetings to bring loved ones together. Creating a space in which each generation feels able to communicate how they are feeling and that the rest of the family is listening to them sets a positive tone for these conversations. Here are a few ideas to consider: • Sometimes it can be beneficial to separate into groups and let family members who are part of the next generation meet as one group. • You might choose to invite an independent third party (outside the family) to participate in these meetings and help facilitate conversation. • Plan a meeting at a location away from where family members live. This allows for more family time outside of the meeting if everyone is staying at the same location. NEXT STEPS Commerce Trust offers a team-based holistic approach to estate planning that includes facilitating various types of family gatherings. Allowing your Commerce Trust wealth management team to act as a third party in family meetings could allow for a balanced and objective approach to difficult subjects. Contact Commerce Trust today at www.commercetrustcompany.com/estateplanning to learn more about how we can help you navigate family estate planning conversations so all family members are appropriately included. The opinions and other information in the commentary are provided as of April 25, 2024. This summary is intended to provide general information only, and may be of value to the reader and audience. This material is not a recommendation of any particular investment or insurance strategy, is not based on any particular financial situation or need, and is not intended to replace the advice of a qualified tax advisor or investment professional. While Commerce may provide information or express opinions from time to time, such information or opinions are subject to change, are not offered as professional tax, insurance or legal advice, and may not be relied on as such. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Commerce Trust is a division of Commerce Bank. Investment Products : Not FDIC Insured | May Lose Value | No Bank Guarantee Estate Planning for Families: The Family Meeting By ELIZABETH P. HUGHES, CPA, CFP ® , Financial Planning Manager, Commerce Trust SPONSORED CONTENT