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Smart Money, Dumb Idea: Bad Bets by Financial Pros 

By Ben Steverman - 2013-10-22T17:22:03Z

Photograph by Tamara Murray/Getty Images

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Lori Sackler: An Emotional Toll

One of my biggest regrets is not having the skill set and confidence to talk with my father about his estate plan before he died in 2005 after a difficult bout with cancer. My mom had passed away and he remarried, creating a family of six offspring of widely different ages. There was so much unnecessary anxiety associated with the will. It was a big taboo subject in our family, as it is in many, and I think it was a difficult conversation for him to have with his children. Ultimately, he was able to create a sound and fair estate plan, but having a money talk might have provided insight into his thinking and the decisions he made. 

Lori Sackler, senior vice president at Morgan Stanley Wealth Management, is the author of the 2013 book "The M Word."

Report: The Fight Over Financial Literacy