Family and Holiday Stress
Merit Money Matters: Family and Behavioral Dynamics Series
In this insightful video series from Merit Money Matters, Kelly Gallimore, Wealth Manager at Merit Financial Advisors, addresses the complexities of family dynamics across life’s many stages. With practical advice and personal anecdotes, Kelly helps families navigate pivotal moments while protecting their emotional and financial well-being.
From launching adult children to caregiving for aging parents, hosting effective family meetings, hiring caregivers, and managing holiday stress, each episode provides actionable strategies tailored to real-life scenarios. Whether you’re adjusting to new family traditions or ensuring financial security for loved ones, this series equips you with the tools to thrive through transitions.
Join us on this journey to empower your family relationships and financial health. Follow us on social media and subscribe to our newsletter for more tips and insights!
Hello. Welcome to Merit Money Matters. My name is Kelly Gallimore. I’m a wealth manager with Merit Financial Advisors. Today I will share some key points to remember when your children launch out on their own. Of course, on their own means different things at different phases but this segment will focus on the timeline of entering college to when they land their first job. During this early phase of adulthood, it is important that even as you help them to build a strong foundation, you are teaching them to protect what they build as well as protecting yourself.
If your college student has not yet managed a budget, now is a good time to start. Assuming that tuition, housing, and food are covered, whether at home or on campus, a healthy practice is to have them cover their other expenses, such as gas, personal needs, and fun money. It does not matter if the income is from a part time job or an allowance. The point is that they are learning to manage it.
As they enter the workforce, proper allocation of income becomes even more important. In addition to maintaining an emergency fund, they should take advantage of group health and disability insurance that their employer offers. And if a 401K is offered, contributing to it will give them a head start on retirement savings and potentially lower their income taxes.
As young adults begin to build their nest egg, they will need to consider how to protect it. For instance, if they’re renting an apartment or even living in a dorm, renters insurance is necessary to cover their belongings. In addition, an independent child should have their car titled in their own name and have their own auto insurance policy. Otherwise, you could be held liable for an accident they caused. And to further protect them against liability, purchasing an umbrella policy of their own is also a good idea.
Finally, it may surprise you that young adults should execute some basic estate documents, particularly an advanced healthcare directive, and durable power of attorney.
When your child reaches age 18, and especially if they go away for college, they should execute an advanced healthcare directive. Should something happen to them that requires medical attention, this will ensure that they receive the specific care they desire.
Additionally, a durable power of attorney will ensure that someone can easily access and manage their finances should they be unable to do so themselves. When they start to build assets, or if they have a child of their own, they should also execute a will.
As parents, we often seek guidance relating to bringing up young children as they grow from one phase to the next, but it can feel strange to think about them buying insurance or executing estate documents. As you consider the launch phase, remember the suggestions you have heard here, and may you both enjoy the journey.
Join our online community by following us on social media and subscribing to our email newsletter. And thank you for taking time out of your day to join Merit Money Matters. See you next time.
Kelly Gallimore
ChFC®, CES®
Wealth Manager | Culture Officer
Understanding that Wealth Management is about more than numbers, Kelly also focuses on the primary component: the why behind the process. A student of Behavioral Finance, she uses various tools to enhance clients’ understanding of their financial views and how their innate strengths and struggles can influence their decision making and ultimate success in reaching their goals. Her desire is to walk alongside them, bridging the gap between actions and emotions.
Believing that every woman – especially those in transition – should have access to education in the area of personal finance, Kelly co-founded a non-profit organization dedicated to that purpose. She has acted as a financial consultant for CBF/Lilly Foundation grant recipients and has served on the Board of Directors of Grace Ministries International.
Before joining Merit, Kelly was a founding member of Consilium Financial Group, and served as a Financial Planning Associate at Ronald Blue & Co., where she obtained her Series 65 license. She has also earned her Certified Estate and Trust Specialist®, Chartered Financial Consultant®, and Certified Wealth Mentor® designations. Additionally, she spent several years in the banking industry; and worked at Arthur Andersen in Human Resources and Team Management.
In addition to books and art museums, Kelly enjoys hiking, golf, and Braves baseball. She and her husband, Brad, have two married sons, three grandsons, and a beagle. They live in Cobb County, Georgia.
Merit Money Matters: Family and Behavioral Dynamics Series
In this insightful video series from Merit Money Matters, Kelly Gallimore, Wealth Manager at Merit Financial Advisors, addresses the complexities of family dynamics across life’s many stages. With practical advice and personal anecdotes, Kelly helps families navigate pivotal moments while protecting their emotional and financial well-being.
From launching adult children to caregiving for aging parents, hosting effective family meetings, hiring caregivers, and managing holiday stress, each episode provides actionable strategies tailored to real-life scenarios. Whether you’re adjusting to new family traditions or ensuring financial security for loved ones, this series equips you with the tools to thrive through transitions.
Join us on this journey to empower your family relationships and financial health. Follow us on social media and subscribe to our newsletter for more tips and insights!
Hello, my name is Kelly Gallimore. I’m a wealth manager with Merit Financial Advisors. Welcome to Merit Money Matters. Today I would like to share some thoughts about approaching the caregiving transition when it is time.
I hope my own journey with my mother will help to guide you on yours. I never expected to care for my mother. After all, she had always cared for me. The thought of her giving up her independence, and to some degree her spirit was unthinkable to both of us. Yet in 2017, at the age of 90, she moved into my home. I had become one of 40 million Americans who provide unpaid care to older adults and adults with disabilities.
Every situation is different, but the holistic approach offered today can perhaps help to smooth your path. Often we jump into practicalities before individual needs are considered. So first consider the people involved in the transition and their unique perspective. What is the desired
result of the transition and is everyone in alignment with that purpose? Open, honest communication is key. So be patient and remember that you do not have to cover everything in the first conversation. And if you have complex family dynamics, consider asking an objective individual such as your parents, doctor, or other trusted advisor to facilitate the discussion.
Once your family is in alignment about the transition, evaluate the components. What responsibilities should be transferred and to whom? Can responsibilities be shared? When is it best to bring in a trained caregiver, such as a certified nursing assistant, versus having a family member fill the role?
And remember to think beyond the responsibilities of direct care for your loved one. These will include coordinating with medical professionals, managing finances and maintaining their home.
Once you have clarity around the specific needs and who will take ownership, you can move on to practical steps. These are unique to every situation. For instance, if a move is involved, this will mean choosing the best place, whether with family or a care facility. If with family, modifications to the home may be required, and if in a facility, it will take time to choose the most suitable one.
And be sure that proper estate planning is in place, whether immediate documents such as advanced healthcare directive or for those that will be needed later, such as a will or trust.
As you can see, there is a lot to consider as you enter the caregiving transition but you do not have to navigate it alone. Rely on your network of family, friends, financial advisor, and other professionals to ensure that it goes as smoothly as possible.
Please join our online community by following us on social media and subscribing to our email newsletter.
Thank you for joining us on Merit Money Matters. See you next time.
Kelly Gallimore
ChFC®, CES®
Wealth Manager | Culture Officer
Understanding that Wealth Management is about more than numbers, Kelly also focuses on the primary component: the why behind the process. A student of Behavioral Finance, she uses various tools to enhance clients’ understanding of their financial views and how their innate strengths and struggles can influence their decision making and ultimate success in reaching their goals. Her desire is to walk alongside them, bridging the gap between actions and emotions.
Believing that every woman – especially those in transition – should have access to education in the area of personal finance, Kelly co-founded a non-profit organization dedicated to that purpose. She has acted as a financial consultant for CBF/Lilly Foundation grant recipients and has served on the Board of Directors of Grace Ministries International.
Before joining Merit, Kelly was a founding member of Consilium Financial Group, and served as a Financial Planning Associate at Ronald Blue & Co., where she obtained her Series 65 license. She has also earned her Certified Estate and Trust Specialist®, Chartered Financial Consultant®, and Certified Wealth Mentor® designations. Additionally, she spent several years in the banking industry; and worked at Arthur Andersen in Human Resources and Team Management.
In addition to books and art museums, Kelly enjoys hiking, golf, and Braves baseball. She and her husband, Brad, have two married sons, three grandsons, and a beagle. They live in Cobb County, Georgia.
Merit Money Matters: Family and Behavioral Dynamics Series
In this insightful video series from Merit Money Matters, Kelly Gallimore, Wealth Manager at Merit Financial Advisors, addresses the complexities of family dynamics across life’s many stages. With practical advice and personal anecdotes, Kelly helps families navigate pivotal moments while protecting their emotional and financial well-being.
From launching adult children to caregiving for aging parents, hosting effective family meetings, hiring caregivers, and managing holiday stress, each episode provides actionable strategies tailored to real-life scenarios. Whether you’re adjusting to new family traditions or ensuring financial security for loved ones, this series equips you with the tools to thrive through transitions.
Join us on this journey to empower your family relationships and financial health. Follow us on social media and subscribe to our newsletter for more tips and insights!
Hello, welcome to Merit Money Matters. My name is Kelly Gallimore. I’m a wealth manager with Merit Financial Advisors. In this segment, I will be sharing strategies for effective family meetings. The simplest approach to planning a family meeting is to consider the basics. Why is it necessary? Who should attend, and what should be shared? Taking the time to map out these answers will help make your meeting as smooth and productive as possible.
The typical reasons for organizing a family meeting are that a couple wants to share their estate plan, and elderly family member needs care, or in extreme cases, when an intervention is in order. For today’s purposes, I will focus on strategies for a family estate meeting but many of the ideas apply in the other instances, too.
First, consider who should attend the meeting. In the example of a couple sharing their estate plan with adult children, they should decide whether their spouses should also attend. This depends on the ages of the children, how long they’ve been married, and the general family dynamic. The one constant is that if one child-in-law is invited, they all should be.
Besides children, other significant beneficiaries should be included as well. I highly recommend that a qualified objective facilitator be in attendance. This could be the estate attorney, financial advisor, or, in the cases of caregiving or intervention, a qualified medical practitioner.
For the meeting to be most effective, the location and other practicalities should be arranged well in advance. Consider geographic location, special accommodations that may be necessary, and virtual attendance methods. Allow enough lead time for the facilitator to prepare, as it will be important for them to not only understand the mechanics of the plan, but also the interested parties and their unique perspectives on the topic. Be sure to schedule a time that is convenient for everyone, but also enough time to cover the material thoroughly with plenty of margin for questions. My suggestion is a minimum of 3 to 4 hours, depending on the complexity of the estate and family dynamics.
The actual content now becomes the most straightforward part, with just a few additional considerations. Before jumping into the specifics, the opportunity to share feelings and thought processes with the group will be invaluable to the couple and their heirs, and it sets a tone of thoughtfulness and care before getting into the nuts and bolts. The facilitator will help with deciding the degree of detail that should be shared. For instance, should actual dollar amounts be noted, or only percentages of the estate to be distributed? Should every contingent be included or only the first level of beneficiaries?
Family dynamics can be complicated, but that does not mean that family meetings must be. A little forethought and preparation will go a long way toward effective communication and desired outcomes.
Join our online community by following us on social media and subscribing to our email newsletter. And thank you for taking time out of your day to join Merit Money Matters. See you next time.
Kelly Gallimore
ChFC®, CES®
Wealth Manager | Culture Officer
Understanding that Wealth Management is about more than numbers, Kelly also focuses on the primary component: the why behind the process. A student of Behavioral Finance, she uses various tools to enhance clients’ understanding of their financial views and how their innate strengths and struggles can influence their decision making and ultimate success in reaching their goals. Her desire is to walk alongside them, bridging the gap between actions and emotions.
Believing that every woman – especially those in transition – should have access to education in the area of personal finance, Kelly co-founded a non-profit organization dedicated to that purpose. She has acted as a financial consultant for CBF/Lilly Foundation grant recipients and has served on the Board of Directors of Grace Ministries International.
Before joining Merit, Kelly was a founding member of Consilium Financial Group, and served as a Financial Planning Associate at Ronald Blue & Co., where she obtained her Series 65 license. She has also earned her Certified Estate and Trust Specialist®, Chartered Financial Consultant®, and Certified Wealth Mentor® designations. Additionally, she spent several years in the banking industry; and worked at Arthur Andersen in Human Resources and Team Management.
In addition to books and art museums, Kelly enjoys hiking, golf, and Braves baseball. She and her husband, Brad, have two married sons, three grandsons, and a beagle. They live in Cobb County, Georgia.
Merit Money Matters: Family and Behavioral Dynamics Series
In this insightful video series from Merit Money Matters, Kelly Gallimore, Wealth Manager at Merit Financial Advisors, addresses the complexities of family dynamics across life’s many stages. With practical advice and personal anecdotes, Kelly helps families navigate pivotal moments while protecting their emotional and financial well-being.
From launching adult children to caregiving for aging parents, hosting effective family meetings, hiring caregivers, and managing holiday stress, each episode provides actionable strategies tailored to real-life scenarios. Whether you’re adjusting to new family traditions or ensuring financial security for loved ones, this series equips you with the tools to thrive through transitions.
Join us on this journey to empower your family relationships and financial health. Follow us on social media and subscribe to our newsletter for more tips and insights!
Hello. Welcome to Merit Money Matters. My name is Kelly Gallimore. I’m a wealth manager with Merit Financial Advisors. Today I will provide some tips for hiring a caregiver. There are many types of caregivers, and we all have likely hired someone at some point, whether a babysitter for a night out, assistance for a special needs child, or even full time clinical care for an aging family member. While this segment will focus on finding a caregiver for a senior adult, many of the tips are universal and include fit, cost, and resources.
First, I will say that timing is key, so try to plan ahead as much as possible. The timeline will vary from person to person, but an awareness of how a loved one is changing can be an indicator that they need some degree of aid. The best fit may simply be a companion to check in a few days a week, and in many instances, a friend or family member can commit to this role. If more specialized help is needed with daily activities, a certified nursing assistant will meet the qualifications. The highest level of care is that of a trained nurse who can administer medication and consult with other medical professionals.
References and clinical qualifications are a primary part of candidate screening, but also consider other requirements. Should they own a car? Are there specific availability needs? Is there a gender preference? Is a live-in caregiver needed? The most important question, that of personality match, is also the most difficult to answer. The arrangement must work for all involved, so be prepared for a degree of trial and error and support open honest communication.
The type of care necessary will dictate where to look for candidates, as well as how much the care will cost. An agency can be more expensive, but offers the added benefit of having completed background checks and verified references. A 2024 study by A Place for Mom found that the median cost for long-term care ranges from just under $5,000 per month for assisted living to over $6000 per month for memory care. In-home private pay care averages $30 an hour. When paying for in-home care. Also, keep in mind any tax implications that may be relevant.
As you can see, the search for a caregiver is a daunting task, but it does not have to be managed alone. Remember to engage your own support system and take advantage of professionals like your financial advisor and others in your network. For instance, an elder law attorney is an excellent resource for evaluating long-term care options. Available benefits and strategies for asset preservation. The primary care physician is available for assessing physical and cognitive health, and can more easily broach difficult subjects. Rely on your financial adviser for help with everything from planning for the cost of care to facilitating a family discussion.
As you navigate this journey, be sure to remain focused on the ultimate purpose of quality care for your loved one. Be willing to make changes when necessary and extend grace to all.
Please join our online community by following us on social media and subscribing to our email newsletter. And thank you for taking time out of your day to join us on Merit Money Matters. See you next time.
Kelly Gallimore
ChFC®, CES®
Wealth Manager | Culture Officer
Understanding that Wealth Management is about more than numbers, Kelly also focuses on the primary component: the why behind the process. A student of Behavioral Finance, she uses various tools to enhance clients’ understanding of their financial views and how their innate strengths and struggles can influence their decision making and ultimate success in reaching their goals. Her desire is to walk alongside them, bridging the gap between actions and emotions.
Believing that every woman – especially those in transition – should have access to education in the area of personal finance, Kelly co-founded a non-profit organization dedicated to that purpose. She has acted as a financial consultant for CBF/Lilly Foundation grant recipients and has served on the Board of Directors of Grace Ministries International.
Before joining Merit, Kelly was a founding member of Consilium Financial Group, and served as a Financial Planning Associate at Ronald Blue & Co., where she obtained her Series 65 license. She has also earned her Certified Estate and Trust Specialist®, Chartered Financial Consultant®, and Certified Wealth Mentor® designations. Additionally, she spent several years in the banking industry; and worked at Arthur Andersen in Human Resources and Team Management.
In addition to books and art museums, Kelly enjoys hiking, golf, and Braves baseball. She and her husband, Brad, have two married sons, three grandsons, and a beagle. They live in Cobb County, Georgia.
Merit Money Matters: Family and Behavioral Dynamics Series
In this insightful video series from Merit Money Matters, Kelly Gallimore, Wealth Manager at Merit Financial Advisors, addresses the complexities of family dynamics across life’s many stages. With practical advice and personal anecdotes, Kelly helps families navigate pivotal moments while protecting their emotional and financial well-being.
From launching adult children to caregiving for aging parents, hosting effective family meetings, hiring caregivers, and managing holiday stress, each episode provides actionable strategies tailored to real-life scenarios. Whether you’re adjusting to new family traditions or ensuring financial security for loved ones, this series equips you with the tools to thrive through transitions.
Join us on this journey to empower your family relationships and financial health. Follow us on social media and subscribe to our newsletter for more tips and insights!
Hello, welcome to Merit Money Matters. My name is Kelly Gallimore. I’m a wealth manager with Merit Financial Advisors. Today I will be talking about family dynamics and holiday stress. As seasons change, so do family dynamics. Although we aim to embrace each new season of life, few changes are as emotionally charged as shifting holiday expectations. These shifts and attempting to ignore them can have financial repercussions as well. It may take a bit of trial and error, but you can manage expectations, experiment with new traditions, and monitor expenditures.
If you are expecting your holidays to unfold like a Hallmark movie, you are already on the path to a let down. Our family’s traditions were not quite so picturesque, but important to us all the same. When I first had to let go of seeing both my sons together on Christmas Day, I grieved; and that was okay. If you are experiencing such a transition, take a deep breath, mourn if you need to, and consider what new experiences and joys await you.
Even as you contemplate your own expectations, ask your family what is important to them. It could be that you are trying to recreate something that can easily be transformed into something better suited for your current situation.
Last Thanksgiving was a lovely day for everyone except me. I had exactly what I wanted: both boys and their families under one roof, extended family, and everyone’s favorite food. Everyone had a wonderful time and of course that was part of the joy for me. What I did not count on was how exhausted I would feel, and how regretful I would be that I had no time to genuinely enjoy the day myself.
As we began to discuss this year’s plans, I learned that my family had noticed my consternation and they were open to something different. We explored the idea of eating out, which would actually cost less and certainly require less work. That may be a choice in the future, but this year we landed on celebrating a small gathering at my son’s new house.
As you consider new trends and traditions, it is also a good time to evaluate your holiday expenditures. First, be intentional. Like many others, you may find that your gift list is growing. My extended family is quite large, and while I want to be generous and hold on to the gift exchange my mother created, it is not financially feasible to do so.
My intentional solution is to host a holiday party where every adult brings food and only younger children receive a gift. No one minds helping with the meal and we enjoy the time together.
You can also pass down experiences. There’s likely a favorite activity that you would like to pass on to future generations. For my husband, it was trekking through the woods in search of mistletoe, which he continues to do with our sons and grandsons. It makes for a fun zero-cost afternoon and it can be done any time.
Finally, do not be afraid to downsize. It can be somewhat easy to downsize purchases and parties, but as an advisor, one conflict I often see is around the decision to downsize the family home. There’s often an associated idea that letting go of the material possession equates with letting go of traditions. That is fine if the large residence is still easy to navigate as you age, and does not create a financial burden. However, that is frequently not the case, and continuing to maintain it can create stress for the entire family all year round.
Change is hard and transitions are challenging, but none is insurmountable. As we enter what we hope will be the most wonderful time of year, remember that traditions are created for our enjoyment, we are not meant to mold ourselves to them. Embrace all that the season has to offer, even the unexpected.
Join our online community by following us on social media and subscribing to our email newsletter. And thank you for taking time out of your day to join Merit Money Matters.
That wraps up our series on behavioral and family dynamics. Please reach out to Your Merit Financial advisor to learn more.
Kelly Gallimore
ChFC®, CES®
Wealth Manager | Culture Officer
Understanding that Wealth Management is about more than numbers, Kelly also focuses on the primary component: the why behind the process. A student of Behavioral Finance, she uses various tools to enhance clients’ understanding of their financial views and how their innate strengths and struggles can influence their decision making and ultimate success in reaching their goals. Her desire is to walk alongside them, bridging the gap between actions and emotions.
Believing that every woman – especially those in transition – should have access to education in the area of personal finance, Kelly co-founded a non-profit organization dedicated to that purpose. She has acted as a financial consultant for CBF/Lilly Foundation grant recipients and has served on the Board of Directors of Grace Ministries International.
Before joining Merit, Kelly was a founding member of Consilium Financial Group, and served as a Financial Planning Associate at Ronald Blue & Co., where she obtained her Series 65 license. She has also earned her Certified Estate and Trust Specialist®, Chartered Financial Consultant®, and Certified Wealth Mentor® designations. Additionally, she spent several years in the banking industry; and worked at Arthur Andersen in Human Resources and Team Management.
In addition to books and art museums, Kelly enjoys hiking, golf, and Braves baseball. She and her husband, Brad, have two married sons, three grandsons, and a beagle. They live in Cobb County, Georgia.