Photo Credit: courtesy
Doug Goldstein

Does your family’s primary financial caregiver hold their cards close to their chest?

Maybe the following story sounds familiar about a parent keeping your family financials a secret:

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Dan has always handled the family’s money. He organized the budgets, took care of the investments, and maybe even set up investment portfolios for the now-adult children. While he had a lot of work to do, he understood it all and wanted to save everyone else in the family the burden of financial organization.

Here’s the other side of the story

Dad’s getting older and even though he still holds the financial reins he won’t discuss his decisions with anyone in the family. Even his wife doesn’t know all the financial details. Worse, he won’t give the adult children the necessary information so they can report their taxes on investments.

What should this family’s accountant and investment professional do to help?

Tune in to today’s show with special guest, U.S. accountant Yosefa Huber to discuss the mistakes when family finances aren’t a shared family process.

The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and contact details of the guest, go to https://goldsteinongelt.com/radio-show

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Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm specializing in working with Americans living in Israel who have investment accounts in America. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com