The Best Question to Ask Clients – And Yourself

No matter how much you and your partner have in common, investing will uncover differences. Maybe one likes playing it safe while the other relishes risk-taking. One wants to invest every available penny, while the other yearns to live it up now. Or perhaps you disagree on when to retire.

Differences are inevitable, says Kathleen Burns Kingsbury, founder of KBK Wealth Connection in Waitsfield, Vermont. “That’s the nature of a partnership.”

But some couples don’t discover their differences until they fester into conflicts. You can avoid discord by bringing financial topics into the open, finding common ground and compromising.

“Learning how to talk about and work through conflict will make you stronger partners,” says Kingsbury, author of “Breaking Money Silence: How to Shatter Money Taboos, Talk More Openly About Finances, and Live a Richer Life.”

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Businesses with more than one owner face unique challenges in planning for the future. A buy-sell agreement is an arrangement between business partners to govern potential ownership transitions, including the “four Ds”: death, disability, divorce and disagreement.

One of the advantages of a buy-sell agreement is that can protect the company and the remaining owners by outlining how the departing owner’s shares are handled.

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