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Inheritance Workshop

  • 1.  Inheritance Workshop

    Posted 04-16-2019 10:49

    Hi Everyone-

    We are interested in doing a workshop for those Gen X and BBoomers who are inheriting monies from their parents…a way to retain funds as our older members pass. Perhaps having a panel- lawyer, wealth management, and accounting…

    Has anyone done this before and would you share a how it worked?

    Thanks,

    Meg Sisco

    Westerly Community Credit Union

    Rhode Island



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    Margaret Sisco CSME CSE
    VP/Marketing
    Westerly Community CU
    Wakefield RI
    401.637.4417
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  • 2.  RE: Inheritance Workshop

    Posted 04-30-2019 13:31
    Hi Margaret!
    I have not done anything like this in my career, however it made me think of reality fairs.
    What if you set it up like a reality fair where they sit and meet with different people that could help them through their journey?
    Perhaps give them an inheritance card at the start which gives them a "made up" inheritance.
    They then have to work themselves through the individuals that could help them explore the ways they could invest, save, and smartly spend

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    Nanci Wilson
    Membership Manager
    CUES
    www.cues.org
    nanci@cues.org
    608.288.5391
    PO Box 14167, Madison, WI 53708
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  • 3.  RE: Inheritance Workshop

    Posted 05-31-2019 07:03
    I like Nanci's idea from a perspective of immersion into an experience. I think you could take it even further and develop consequences for decisions. ie if I pay off a mortgage what happens next? If I invest, what happens? If I pay off debt, what's next? And as you build real life examples and present with choices, seeing what those decisions could yield in a real way.

    Another approach could be to dig into the psychology of it all. For example, what if it was more of a discussion centered on financial fears, uncertainty or doubts? What if you could uncover what would be going through someone's mind at inheritance and share tendencies as humans where we focus on the here and now and not the future through hyperbolic discounting. For some people having a sizable amount of money can be intimidating and their natural inclination may be to spend.

    We have run workshops in a different kind of way where we unlock what people's dreams are, see what their barriers are, and then can help with the right types of guidance. It takes more planning and you have to be intentional in the way you approach it, but could be very interesting.

    At GreenPath we are really diving deep into Human Centered Design, Empathy, Behavioral Science and Behavioral Economics to see how we can build behavior change and grow financial skills.

    The one challenge with panels is it can depend on the skill level of the panelist to deliver the information. Sometimes people are so immersed in it they use all sorts of jargon that can be confusing to a lay person and the attendee can feel embarrassed to share so if you can find ways to get people to open up and share their honest feelings, you may connect more.

    I apologize if any of this is rambling or doesn't make sense with how I shared it. I would love to hear how it turns out for you and if you have any learnings and insights to share! Good luck!

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    Andy Manthei
    Business Development Specialist
    GreenPath Financial Wellness
    Farmington Hills MI
    248.994.8705
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