There is one thing we’ve heard repeatedly from our clients since the start of the pandemic:  life is short, so make the most of it.  That thought has resonated with many people and manifests itself in different ways including early retirement, reassessment of priorities, and spending more time with family.  This blog focuses on spending time together and creating those “money memories.“

“Money memories” are those special moments or experiences we can participate in and provide for our loved ones that they would otherwise not be able to enjoy.  This time together can be simple as an evening at the theater.  It can be extravagant like a family vacation.  Or it can be anything in between.  The point is to spend time together without family members worrying about the cost; thereby, you are creating that memory.

Often times, our children or grandchildren may not have the means to enjoy some of these experiences right now.  Mortgages, day care, tuition, credit card debt, and student loans may leave little wiggle room for discretionary spending on things like a family vacation to Disney World or a trip to Hawaii.  How nice would it be to share in that experience with them while enjoying it yourself?

Many of our clients have diligently saved for their retirement but now have amassed assets that they’ll never spend during their lifetime.  So, they engage in gifting strategies and estate planning on how best to pass on assets to their heirs.  While passing on assets after your death is a generous gesture, consider gifting some experiences now, while you can see the joy these events bring your family.  Book that vacation and cherish the time spent together.  Create those “money memories” of fun occasions that will be remembered years later.  And when you’re gone, they’ll look back and smile on that special trip or evening that you planned while remembering you fondly.