Tag: Financial Puzzle Playbook
Should You Be on Your Parents’ Bank Account? (Ep. 40)

Should You Be on Your Parents’ Bank Account? (Ep. 40)

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Most families think adding a child to a parent’s bank account is a simple act of love, but Jim Sumpter CFP® reveals how easily it can create tax issues, legal exposure, and long-term family conflict.

In this episode, Jim breaks down why ownership matters more than most people realize and why wills often never even come into play. Through real client stories and personal examples, he explains how joint accounts, powers of attorney, TOD designations, and cost basis rules work behind the scenes, especially when parents begin relying on their children for financial support.

What to expect:

  • When joint ownership creates unintended gifts or tax bills
  • How beneficiary rules override wills
  • Hidden legal risks tied to siblings, creditors, and lawsuits
  • Better tools for caregiving and estate planning
  • And more!

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Passing Down Values, Not Just Assets with Brendan Frazier – Part 2 (Ep. 39)

Passing Down Values, Not Just Assets with Brendan Frazier – Part 2 (Ep. 39)

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Many families avoid talking about money because they fear conflict, awkwardness, or hurting someone’s feelings. 

Jim and returning guest Brendan Frazier break down why family meetings matter more than ever and how they can protect both relationships and legacies. They explore the emotional dynamics that show up when siblings gather, why blended families need a different level of care, and how to talk openly, frequently, and graciously so everyone knows their role long before decisions need to be made. 

This conversation gives families a way to pass on more than assets. It helps pass on values, expectations, and peace of mind.

What to expect from part 2 of this release:

  • Why legacy failures rarely come from documents alone
  • How to talk to your kids about money without oversharing
  • Simple ways to structure a family meeting
  • Key dynamics to watch for in blended families
  • And more!

Resources:

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Connect with Brendan Frazier:

About Our Guest: 

Brendan Frazier is the Chief Behavioral Officer at RFG, the host of The Human Side of Money podcast, and a nationally recognized voice on behavioral finance. After starting his career as a consultant to financial advisors around the country, he started his own financial advisory business and was twice named one of Investopedia’s Top 100 Financial Advisors in the U.S. Most recently, he built a global training platform to help financial advisors and their clients better understand the behavioral, psychological, and emotional sides of money. When he’s not diving into the latest behavior and psychology research, he is spending time with his wife Shannon and three kids, Brooks, Shepherd, and Merritt. And, he welcomes all unsolicited advice on how to successfully raise three kids.

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