The New Year And Your Money Story

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The New Year is a time filled with anticipation, expectation, and possibility. Most of us see the promise of a better self, situation, or future. We look to shake off the baggage of the old and start fresh. But as much as you may want to put last year into your rear-view mirror, your money story is in the driver’s seat with you.

Reflecting on Your Current Money Story

January is already behind us, so today is the day to evaluate how your money story works for you and consider if you are on a path to a better self, situation, or future by the end of 2025.

What money story are you bringing into the New Year?

  • Abundance or scarcity?
  • Ease or struggle?
  • Fear or delight?
  • Shame or confidence?
  • Debt or security?

Stop and think about your relationship with money; we all have one, whether we acknowledge it or not. That relationship brings up feelings, whether we like to confront them or not.

Understanding Your Financial Backstory

Money isn’t a subject most want to discuss, especially when it relates to personal mistakes or feelings of inadequacy. But during this time of possibility, it’s the perfect moment to write the plot of the story you want to live. Envision the happy, ecstatic, abundant ending you desire, and start taking baby steps to get there.

When writing (or reading) a story, you need to know where the character starts. As the author of your money story, you must understand:

  • What happened in your financial past
  • Struggles you’ve faced
  • Lessons learned from mistakes and missteps

You can’t achieve your desired ending without acknowledging everything that came before.

Recognizing Financial Patterns and Beliefs

As kids, we pick up messages about money without fully understanding them:

  • We sensed if money caused tension between our parents.
  • We noticed if it seemed hard or easy to obtain.
  • We learned unspoken rules about what “people like us” could expect financially.

These emotional memories stick with us into adulthood, even as our understanding of money evolves. We may still feel shame or fear around past financial mistakes, leading to behaviors like avoiding financial decisions, delegating them to a partner, or labeling ourselves as “just not good with money.”

Charting a New Financial Path

What money emotions and labels are you bringing with you into the New Year?

If your feelings about money, your ability to earn, manage, save, and grow it, are not positive and confident, it’s time to:

  • Probe the emotions around money.
  • Delve into your money past to uncover the roots of your perceptions and philosophies.
  • See your younger self with compassion, using lessons learned as fuel for growth.

Understanding the source of your emotions is key to reframing them. For example, feeling anxious about money because of childhood experiences doesn’t mean that anxiety has to define your financial mindset as an adult.

Setting Intentions for Financial Growth

As you reflect on your emotions around money, ask yourself:

  • How do I want to feel about money and my abilities to earn, manage, and accumulate it?
    • Confident
    • Secure
    • Hopeful
    • Proud

If that’s not how you feel now, consider: How can you write your own plotline to lead you from where you are now to your own happy, ecstatic, abundant ending?

It’s a new year, full of new possibilities. You get to choose how it ends. Write your story, line by line, step by step, chapter by chapter, as you overcome fears and doubts to create the life you want. Acquire the knowledge and skills needed to feel competent with your financial decisions.

Let’s meet here next year feeling more confident, more secure, more hopeful, and prouder of our own money stories and the progress we’ve made.

If “feeling more competent and empowered” is part of how you want to feel this year, join me for my free 60-minute webinar, Let’s Talk Taxes, on February 18th at 12:00 p.m. EST. Even if you can’t attend, those who register will get a link to the video and the slides after the event. Click here for more information and to register. I’ll be doing webinars throughout the year so watch for more details about these upcoming free events.

To learn more or get help planning your financial goals, please email me at gildea@homrichberg.com.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

The Potential Impact Of Tariffs

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There has been significant political activity under the new administration, but in the past two weeks, investor attention has shifted sharply to tariffs. From the start, it was clear that tariffs would be a key priority for President Trump, who has openly used them as a negotiating tool. Last week, tariffs were announced on Mexico and Canada, only to be swiftly delayed by 30 days for further negotiations. Meanwhile, tariffs on Chinese goods have been met with swift retaliation from China. In this video, we will look at the potential impact of tariffs on the economy and investment portfolios.

If you have any questions, please reach out to a member of your client service team.

Watch here: https://youtu.be/0jazhfZOyV0

Caring For Aging Parents: Essential Questions And Strategies

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As families navigate the complexities of caring for aging parents, they often face a range of emotional, logistical, and financial challenges. Below, we address key questions and provide actionable strategies to help families prepare for and manage this important responsibility.

Common Challenges Families Face

  1. Communication Gaps
    • Families often delay discussing caregiving plans, leading to confusion during crises.
    • Misaligned expectations among siblings or relatives can cause conflict.
  2. Emotional Strain
    • Role reversals can be emotionally taxing as children transition into caregiving roles.
    • Guilt, frustration, and sadness are common feelings for caregivers.
  3. Navigating the Healthcare System
    • Understanding medical terminology, insurance options, and long-term care plans can be overwhelming.
    • Without a designated point person, medical decisions may become chaotic.
  4. Financial Pressures
    • Families often underestimate long-term care costs, including home care or assisted living.
    • Insufficient savings or insurance can force difficult decisions about care quality.
  5. Balancing Roles
    • Caregivers often juggle work, family, and caregiving responsibilities, leading to burnout.
    • Uneven distribution of caregiving duties can cause tension among family members.

Preparing Emotionally and Logistically

  1. Emotional Preparation
    • Seek counseling or join caregiver support groups to process emotions.
    • Set realistic expectations about your role and its demands.
  2. Logistical Preparation
    • Start early conversations about aging preferences, including housing and medical care.
    • Create a centralized document with essential information, such as medical records, legal documents, and contact details for key advisors.
    • Research local caregiving resources and financial aid options.

Advocating for Parents’ Medical Care

  1. Understand Preferences
    • Discuss care approaches, such as aggressive treatments versus comfort-focused care.
  2. Build Relationships with Providers
    • Attend appointments and establish rapport with healthcare professionals.
    • Ask questions to fully understand diagnoses and treatment options.
  3. Organize Medical Information
    • Maintain a detailed record of medical history, medications, and allergies.
    • Use a digital or physical organizer to track appointments and care plans.
  4. Legal Preparedness
    • Ensure a healthcare proxy or medical power of attorney is in place.
    • Understand insurance coverage, including Medicare or supplemental plans.

Addressing Mental Health Challenges

  1. For Parents
    • Encourage regular mental health check-ups.
    • Promote activities that stimulate mental health, such as puzzles or social gatherings.
  2. For Caregivers
    • Practice self-care by setting aside time for hobbies, exercise, and rest.
    • Seek therapy if overwhelmed or burned out.
  3. Build a Support Network
    • Join caregiver support groups to share experiences and solutions.

Financial Planning Strategies

  1. Assess Current Resources
    • Review income sources, such as Social Security, pensions, and investments.
    • Understand insurance coverage, including long-term care policies.
  2. Plan for Future Costs
    • Research costs for home care, assisted living, and nursing homes.
    • Explore financial products to cover eldercare expenses.
  3. Utilize Benefits
    • Investigate programs like Medicaid, veterans’ benefits, or local assistance programs.
  4. Prevent Elder Abuse
    • Monitor financial accounts and simplify finances.
    • Establish legal protections, such as a durable power of attorney.

Legal Documents Every Family Should Have

  1. Essential Documents
    • Durable power of attorney (for financial matters).
    • Healthcare proxy or living will.
    • Updated will and trust documents.
  2. Additional Considerations
    • Ensure beneficiaries on accounts and insurance policies are current.
    • Consider a guardianship agreement for parents with cognitive decline.

Balancing Responsibilities

  1. Time Management
    • Prioritize high-impact tasks and delegate others.
    • Use apps like CareZone or CaringBridge to streamline coordination.
  2. Seek Flexibility
    • Discuss caregiving needs with your employer to explore flexible schedules.
  3. Family Collaboration
    • Schedule structured family meetings to discuss responsibilities.
    • Assign tasks based on individual strengths and availability.

Recommended Resources for Caregivers

  • Georgia Department of Human Services Division of Aging Services: Offers programs and resources for caregivers.
  • AARP Caregiver Resources: Provides tools and support for new and experienced caregivers.
  • Family Caregiver Alliance: A national nonprofit offering education and advocacy.
  • National Institute on Aging Caregiving Toolkit: Comprehensive resources for caregivers.
  • Local Support Groups: Join caregiver groups to share experiences and solutions.

Caring for aging parents is a journey that requires preparation, collaboration, and support. At HB, we can help you address these challenges head-on and assist you in utilizing available resources so you and your family can navigate this chapter with confidence and compassion. For more information, please download this list of Frequently Asked Questions.

To learn more or get help with your life experiences, please call 404.264.1400 or email us at info@homrichberg.com.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

How The Economy Is Withstanding Higher Rates

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Bond yields across the globe have risen as we begin the new year, fueling concerns over government finances and raising the specter of higher borrowing costs for consumers and businesses. The U.S. 10-year Treasury yield touched a fresh 14-month high this week as investors reassess the pace at which the Federal Reserve (Fed) might lower interest rates. But the U.S. economy has so far withstood higher rates, even as most expected rates to decline as the Fed begins its rate-cutting cycle. In this video, we will discuss a few reasons why consumers and corporations have held up better than expected with sustained higher rates and what could impact the Fed’s decision-making going forward.

If you have any further questions, please reach out to a member of your client service team.

Watch here: https://youtu.be/Ko6DAG-xDaY

New Year Resolution #1: Building A Support System

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With the new year beginning, a recently widowed young client shared that with the new calendar year and planner in hand, she was ready to embrace the next chapter of her journey! In the same breath, and with tears in her eyes, she admitted to feeling completely overwhelmed…without her spouse, she is uncertain just HOW she would be able to do this all alone. From the day-to-day shuffle from activity to activity for the children to managing the bills and household chores…she didn’t know where to begin. After walking this path with clients for many years, I reassured her that the overwhelm is real…and the best approach is to take one minute at a time, one deep breath at a time, and above all, to surround yourself with a strong support system. Regardless of whether you find yourself in these shoes due to a divorce or the sudden loss of a spouse, relying on a robust support system will allow you to reclaim your confidence, direction, and emotional stability.

1.Recognize the Importance of Connection

Isolation often compounds the feelings of sadness and uncertainty that accompany major life transitions. A support system provides emotional encouragement, practical advice, and a sense of belonging during challenging times. Recognize that seeking support isn’t a sign of weakness, it’s an act of self-care.

2.Identify Your Core Circle

Start by reaching out to people you already trust, such as family members, close friends, or colleagues. Consider individuals who have shown consistent kindness and understanding. Let them know what you’re going through and how they might help, whether that’s offering a listening ear, joining you for important appointments, or simply spending time together.

3. Join Groups and Communities

Engage with communities that share your experiences or interests. Local meetups, book clubs, or hobby groups can be great ways to forge new connections. Additionally, organizations such as divorce support groups or grief recovery programs can provide a safe space to share and learn from others navigating similar paths.

4.Leverage Professional Support

Specialists in various areas can help you address specific challenges. For example:

  • Therapists or Counselors: Provide tools to process emotions and build resilience.
  • Financial Advisors: Help you organize and manage your finances post-transition.
  • Career Coaches: Assist with professional growth or re-entry into the workforce.

5.Explore Online Communities

In today’s digital age, virtual communities can be just as impactful as in-person interactions. Platforms like Facebook, Reddit, or specialty forums often host groups dedicated to women experiencing divorce or widowhood. Participating in these groups allows for a wide range of perspectives and support from people worldwide.

6.Seek Mentors and Role Models

Identify individuals who have successfully navigated similar circumstances. Their experiences can provide guidance and inspiration, reminding you of your own strength and potential. Platforms like LinkedIn can connect you with professional mentors.

7.Set Boundaries and Remove Toxic Influences

As you build your support network, it’s equally important to distance yourself from relationships that drain your energy or undermine your confidence. Prioritize those who uplift you and respect your journey.

8.Give Back When You Can

Supporting others can be an important component of your healing process. Volunteer at local organizations or offer guidance to someone else in need. This not only strengthens your own sense of purpose but also enriches your network of compassionate individuals.

Final Thoughts

Building a support system is a dynamic process that evolves as your needs change. It’s a blend of emotional support, practical assistance, and community belonging that reinforces your ability to thrive. Remember, you’re not alone on this journey—lean into the connections that empower you and take proactive steps to nurture a life filled with encouragement and growth.

You are capable, deserving, and never alone in this chapter of your life.

To learn more or get help with your finances, please visit us at homrichberg.com, send an email to info@homrichberg.com, or call 404.264.1400.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2025 Homrich Berg.

Beyond The Numbers: Embracing the New Year With Purpose And Joy

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As the clock strikes midnight on December 31, we are offered a powerful opportunity: a clean slate. The New Year is a time to reflect on the past, celebrate our triumphs, learn from our challenges, and step forward with intention into a fresh chapter – a chapter that’s ”Beyond The Numbers.”

Whether your goals include personal growth, health, financial stability, or simply finding joy in every day, the transition into the New Year is the perfect moment to set the stage for the future.

Reflect, Reassess, and Reimagine

Before rushing into resolutions, take time to reflect on the past year. What went well? What challenges tested you most? Use this introspection to identify key areas for growth and fulfillment.

  • Celebrate Wins: Acknowledge your achievements, no matter the size. Perhaps you started a new hobby, cultivated a relationship, or simply made it through a tough season.
  • Learn from Challenges: Each obstacle carries a lesson. Whether in your personal, professional, or financial life, these insights are stepping stones for growth.

Setting Intentions, Not Just Resolutions

Resolutions often fizzle because they focus on rigid outcomes rather than adaptable intentions. Instead, anchor your goals to your values and passions.

  • Health and Wellness: Focus on practices that nurture your body and mind. This might include initiating a mindfulness practice or integrating some new health habits into your routine.
  • Personal Growth: Consider enrolling in a personal development workshop, pursuing lifelong learning, or creating a legacy through sharing your life lessons with loved ones.
  • Financial Clarity: Align your financial goals with your broader life purpose. Craft a financial plan that supports your ambitions and values.

Creative Traditions to Welcome the New Year

Make the New Year memorable with unique and meaningful traditions:

  • Vision Boarding: Create a visual representation of your goals using magazine clippings or digital tools. This helps solidify your intentions and keeps you inspired throughout the year.
  • A Gratitude Jar: Begin the year with an empty jar. Each week, add a note about something you’re grateful for. By the end of the year, you’ll have a collection of meaningful moments to reflect upon.
  • Family Mission Statement: Plan a gathering to draft a collective mission statement that represents your shared values and dreams.

Embracing a Year of Balance

The key to making your New Year goals sustainable lies in balance. Strive to harmonize ambition with self-care, effort with relaxation, and planning with spontaneity. Remember, it’s not about perfection but progress.

As we welcome 2025, take this opportunity to live more purposefully, embrace life’s richness, and connect deeply with your passions and loved ones. Here’s to a year that goes beyond resolutions—one filled with intention, joy, and fulfillment.

For more insights into enriching your family’s life experience beyond financial success, stay tuned for more insights from our “Beyond the Numbers” series.

To learn more or get help with your life experiences, please call 404.264.1400 or email us at info@homrichberg.com.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2024 Homrich Berg.

2025 Economic & Investment Outlook

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In this new video, Principals Ross Bramwell and Ford Donohue cover some key economic and investment themes:

· Markets have rewarded investors under a variety of U.S. Presidents

· The Fed may slow the pace of rate cuts given strong economic data

· Consumers remain resilient despite cautionary reports

· Mixed economic data will continue on path to soft landing

· A lot of good news is priced into stocks; broadening of earnings needs to continue

· The soft-landing scenario is looking more likely, but risks remain

· Geopolitical risk is elevated, but markets are taking it in stride for now

· Overall positioning – We see lower recession risk but monitoring elevated valuations

Watch here: https://youtu.be/ZS6ZCzXaL3A

New Year’s Resolutions for the Suddenly Single Woman

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As one year ends and another begins, there is an opportunity to reflect, renew, and reshape our priorities. Many of my clients are eager to close the door on the current year after navigating the loss of a partner or closing the chapter on their marriage with a divorce. Using this time to set meaningful resolutions can be an empowering way to embrace the next chapter. Here are some resolutions to inspire growth, healing, and confidence in 2025.

1.Prioritize Self-Care

    This year, commit to making yourself a priority. Whether it’s setting aside time for regular exercise, picking up a mindfulness practice, or scheduling routine health checkups, self-care is the foundation of personal resilience.

    Ideas to try:

    • Join a yoga or fitness class to improve both physical and emotional strength.
    • Start journaling to process your emotions and track your personal growth.
    • Treat yourself to something special—a spa day, a hobby class, or a weekend getaway.

    2.Revamp Your Financial Plan

    Taking charge of your finances can provide peace of mind and independence. Review your spending plan (aka budget), savings, and financial goals to ensure you’re building the future you want.

    Steps to consider:

    • Create a spending plan tailored to your new circumstances, reflecting both current expenses and long-term goals.
    • Meet with a financial advisor to reassess investments, retirement plans, and debt management​​. Not surprisingly, many prospective clients call our office after talking with friends and family members over the holidays.
    • Educate yourself on financial topics through online courses or workshops.

    3.Explore Career Opportunities

    If your circumstances call for a fresh start professionally, this could be the year to explore new career paths or advance in your current one.

    Tips for success:

    • Assess your current skills and determine if additional training is needed​.
    • Set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals for your career progression.
    • Expand your professional network through LinkedIn, local events, or mentorship programs.
    • Read my other blog specifically on this topic.

    4.Strengthen Your Support Network

    You don’t have to navigate this journey alone. Surround yourself with friends, family, and professionals who uplift and guide you.

    Ways to grow your network:

    • Reconnect with old friends or make new ones by joining clubs or volunteering.
    • Seek a therapist or counselor to help process emotions and rebuild confidence.
    • Find peer groups of women who have experienced similar transitions.

    5.Pursue Personal Growth and Passion

    Reignite your sense of purpose and joy by diving into something you’re passionate about. The new year is the perfect time to try new things or rekindle old interests.

    Suggestions to inspire you:

    • Take up a hobby you’ve always wanted to try—whether it’s painting, gardening, golf, or learning a new language.
    • Dedicate time to causes or charities close to your heart.
    • Explore travel destinations that you’ve always dreamed of visiting.

    6.Celebrate Small Wins

    Change doesn’t happen overnight. Make it a resolution to celebrate even the smallest victories as you rebuild your life.

    Ideas for celebration:

    • Treat yourself when you hit a milestone, like saving a certain amount of money or completing a course.
    • Create a vision board to track your progress and keep your goals in sight.
    • Share your successes with close friends or family who can cheer you on.

    A Fresh Start for 2025

    The road to rediscovery may feel overwhelming at first, but with the right resolutions, you can take charge of your journey. The new year is your blank canvas—embrace it with hope, determination, and belief in your ability to create the life you deserve. You’ve got this!

    To learn more or get help with your finances, please visit us at homrichberg.com, send an email to info@homrichberg.com, or call 404.264.1400.

    Download this article.

    Important Disclosures

    This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

    All information is as of the date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

    ©2024 Homrich Berg.

    Beyond The Numbers: Why Drive or Fly When You Can Discover New Places by Train?

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    For many, travel is about efficiency—getting from Point A to Point B as quickly as possible. But there’s something to be said for a mode of transportation that lets you enjoy the journey itself. Trains offer a way to travel that’s comfortable, convenient, and filled with opportunities to explore without the hassles of driving or flying.

    Whether you’re planning a getaway or just looking for a new way to experience a destination, train travel might be the perfect option.

    1.What Makes Train Travel Different?

        Train travel eliminates many of the common frustrations of modern transportation. There are no long security lines, baggage fees, or stressful freeway traffic. Instead, you’ll enjoy:

        • Comfort: Ample legroom and the ability to move freely.
        • Efficiency: Stations are often centrally located, cutting down on overall travel time.
        • Relaxation: Travel without the pressure of being behind the wheel or navigating airport chaos.

        It’s a mode of travel that simplifies the process while offering plenty of opportunities to take in the surroundings.

        2.Must-Try Train Experiences

        • The Rocky Mountaineer (Canada): This luxurious train winds through Canada’s stunning Rocky Mountains. You’ll see snow-capped peaks, forests, and rivers, all from the comfort of a well-appointed train car. Find out more by clicking here.
        • Amtrak’s California Zephyr (USA): This route takes you through the heart of America, from Chicago to San Francisco, with highlights including the Colorado Rockies and Utah’s desert landscapes.
        • The Venice Simplon-Orient-Express (Europe): For those who appreciate tradition, this classic train route offers an elegant way to explore Europe, complete with fine dining and polished service.
        • The Napa Valley Wine Train (California): This experience combines stunning vineyard views with fine dining and wine tastings. It’s a great option for a relaxing day trip or as part of a longer visit to California’s wine country.

        3. Tips for Planning Your Train Trip

        • Pick the Right Route: From short regional trips to cross-country adventures, there are train journeys to suit every schedule. Decide how much time you have and choose a route that matches your interests.
        • Pack Smart: Trains typically allow more flexibility with luggage than airplanes, but you’ll still want to pack efficiently. Comfortable clothes, snacks, and something to read will make the trip even more enjoyable.
        • Book Early: Popular routes, especially luxury or scenic ones, can sell out quickly. Make reservations early to secure the best experience.

        Train travel is an excellent way to see the world while avoiding the usual hassles of driving or flying. Whether you’re planning a family trip, a romantic getaway, or a solo adventure, trains offer a balance of comfort and convenience that’s hard to beat.

        For more insights into enriching your family’s life experience beyond financial success, stay tuned for more insights from our “Beyond the Numbers” series.

        To learn more or get help with your life experiences, please call 404.264.1400 or email us at info@homrichberg.com.

        Download this article.

        Important Disclosures

        This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

        All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

        ©2024 Homrich Berg.

        No Wool for the Black Sheep: Estate Planning for Clients with Estranged Family Members

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        Abbey Flaum, J.D., LL.M., is principal and family wealth strategist at Homrich Berg. Abbey applies the company’s holistic approach to each client’s planning, and she provides clients with ongoing, personalized guidance on tax-efficient wealth, business, and estate planning strategies.

        Although families often try to portray themselves like Norman Rockwell paintings in society, the unfortunate truth is so many of those smiles you scroll through on Instagram are masking feelings of anger, hurt, resentment, or frustration. More families than you think have at least one family member who marches to the beat of their own drum—the “black sheep,” a person who falls victim to substances, holds extreme beliefs, is a spendthrift, or who just does not have a good relationship with anyone. Research shows that as many as one in four people have experienced estrangement from at least one family member.1

        When engaging in estate planning, these underlying family dynamics may significantly shape the structure of the client’s plan, but few clients walk into their adviser’s office and immediately disclose, “My son has a substance abuse problem, and I’m worried about what will happen if I leave him a large inheritance.” More commonly, clients keep their family conflicts hidden, either out of shame or simply because they do not realize the importance of disclosing this information for the purposes of estate planning. 

        How do advisers encourage clients to speak freely about such sensitive subjects? This process begins with building a relationship of trust and creating a safe, judgment-free space for clients to share personal and sometimes painful details about their family dynamics.

        Read more here: https://www.financialplanningassociation.org/learning/publications/journal/DEC24-no-wool-black-sheep-estate-planning-clients-estranged-family-members-OPEN

        1. Schumer Chapman, Fern. 2024, February 19. “What Research Tells Us About Family Estrangement.” Psychology Today. www.psychologytoday.com/us/blog/brothers-sisters-strangers/202402/statistics-that-tell-the-story-of-family-estrangement ↩︎

        What You Focus On Expands

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         We all know that if we track something – our weight loss progress, our mileage toward a 10k, or our money goals, it is much more likely to move us toward that goal than if we just hope for the best. It is our focus and attention that puts the unconscious part of our brains to work on the goal. It says, “This is important, pay attention; seek out this” – hence the reason we suddenly see a particular type of car once someone mentions it or a book title keeps appearing everywhere once it is selected for book club. 

        So, what are you focusing on as we enter the holiday season? I have often focused on the “to do’s” – the gift list and cards and decorating and let the work of it be my focus. And guess what? The work and the effort expanded! I saw tasks everywhere and absolutely no joy! 

        What if I focus on delight? What if I focus on creating a plan for my gift-giving, card-sending, and holiday merriment and focus on bringing the plan to life? Maybe my plan is to create delight (instead of frenzy). Maybe my plan is also to be conscious about what I spend so that I don’t face a jaw-dropping credit card bill in January. 

        These are great lessons to teach our kids as we build the spending plan into the holiday planning. It is ok to show kids how to make a list and check it twice while also thinking about a great and thoughtful gift that stays within a spending plan. If we want our kids to be responsible with money, we need to show them how to do that. We need to explain that we have set aside a certain amount of money for gift-giving and holiday treats and let them help you allocate it to what is most important and most meaningful for everyone. It is also helpful to see how seemingly small amounts can add up quickly to big amounts! 

        Time is generally at a premium during the holiday season, but creating gifts together can be a fun experience where you are sharing talents and creativity while enjoying time together, and it certainly beats battling holiday traffic and crowded shopping centers (in my opinion). 

        Ask your kids what type of gifts they would enjoy making or baking and what each person on your holiday list might enjoy receiving. Kids have a lot of creativity, and it may spark conversation and be enlightening to see what hidden talents and aspirations they have. You may also be surprised at how perceptive they can be about noticing what people enjoy or need. 

        I am definitely one who gets caught up in the moment and throws money, presents, and food at everything. I know that more is not better (and is often worse), so I must stay focused and intentional to keep myself in check. What I do want most, though, is for those around me to feel seen, appreciated, and cherished. I want them to be delighted by the holidays and experience joy and connection. Figuring out how to do that requires more thought, more creativity, and more reflection than racing around frantically buying and baking, though. 

        If you want your holiday delight to expand, focus on the activities that create delight. If you want your January finances to expand, focus on your spending plan and share it with your family. It is such a great way to teach kids to value financial resources and use them intentionally. We all can do a better job of understanding how we allocate our money and how we can be more intentional about using it wisely, regardless of how much we have. We can also all share those lessons and learnings more openly to help our kids understand that process and expand their own focus on those things that are most important while staying within the spending plan. 

        My hope is that you have a wonderful holiday season filled with the experiences that most connect you to those you love and that what is most important to you continues to expand through the holidays and into the new year. 

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