Tips for Navigating Family Money Talks This Thanksgiving

Thanksgiving dinner provides a great opportunity for family gatherings, but it can also lead to awkward conversations, particularly about finances. Valerie Galinsky, head of the Merrill Center for Family Wealth, shares practical strategies to tackle these sensitive discussions during the holidays. Key to successful communication is planning and having a clear intent, which can mitigate misunderstandings. Galinsky notes that many discussions around gifting can get tense when family members feel unprepared or unstructured. She recommends families prepare an ‘elevator speech’ outlining their intentions, which can help ease anxiety. Couples are encouraged to align their perspectives on money matters before engaging in discussions, ensuring clarity and reducing potential disputes. Wealth transfer conversations can also prove daunting; thus, both parents and children should approach these talks with a strong intent, articulating wishes and expectations gradually rather than overwhelming each other with details. The goal is to find a balance that respects familial roles while fostering healthy, open lines of communication about financial goals and values.