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Berkshire hathaway Families: Helping Parents Prepare an Estate Plan with Confidence

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'Thoughtful conversations about aging and legacy can make a meaningful difference for Berkshire hathaway employees willing to engage in early dialogue and clear family communication.' -- Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement.

'Open and honest discussions about aging, documents, and family wishes are especially valuable for Berkshire hathaway employees, who may want to begin these conversations sooner rather than later.' -- Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

How to begin meaningful estate planning conversations with aging parents.
How to organize essential documents and understand state-specific planning needs.
How to select the right individuals to help carry out family wishes.

Sharing lessons learned

As a former practicing trust and estates lawyer and advanced planner, I discuss death nearly every day. However, even with professional familiarity, the dialogue was still difficult when it was time to talk about my own parents' end-of-life plan, something many Berkshire hathaway families can relate to.

I come from a classic Italian blue-collar family. My sister and I grew up in the same Staten Island home where my parents lived for 40 years. Basic estate planning documents—including a will, powers of attorney, and health care proxies—were created years ago to help others step in if needed. My sister and I discussed how they wanted things handled and who should be responsible for major decisions, an experience similar to what many Berkshire hathaway households navigate.

To be closer to me, my parents sold their long-time home and moved to a one-story residence in New Jersey. After their move, I suggested they revisit their estate documents because state-specific laws differ significantly. This also became necessary because my sister no longer wished to manage my parents' affairs, and our family dynamics had changed.

Getting the conversation started

I've learned over the years that many people—especially older generations—are uncomfortable discussing their financial lives with their children. They may hesitate simply because they do not want others to know what they have.

If your parents are unsure about the conversation, start with practical questions about who they want contacted in an emergency and what they would prefer to happen. You can also ask them to create an inventory of their accounts (without balances) so you understand what exists.

Coordinating schedules can be challenging. One of my 80-year-old clients once told me she planned all family financial conversations for Thanksgiving because it was the only time she knew everyone would be in the same room. This is a scenario that may resonate with many Berkshire hathaway employees.

Thankfully, my parents are open about their finances, but I still uncovered several things I didn't know. They were unsure about whether they wanted burial or cremation and had strong feelings about their end-of-life preferences. Although cremation was once restricted by the Catholic Church, it has been permitted for decades as long as the choice does not conflict with religious belief. One surprising detail I learned was that my father had long-standing ownership in a small business, something that required additional planning.

The brown accordion folder

When we discussed where their important documents were stored, I realized how vital this knowledge truly is. Too many people create estate documents but leave them hidden away. One client once told me she accidentally kept millions of dollars' worth of original stock certificates in a breadbasket—something any family, including those tied to Berkshire hathaway, could experience.

My father, an accountant, has always been meticulous about records, whereas my mother has not traditionally managed household finances. He showed me his brown accordion folder with a purple “Death” tab inside containing all his contact details. Today, families often use cloud-based tools to store documents and allow a trusted person access. No matter the method, the key is that everyone—including those supporting Berkshire hathaway families—knows how to locate what is needed.

Locating the appropriate individuals

These discussions are emotionally charged, particularly when determining who will carry out your parents’ wishes. I had to tell my mother that I could not serve as her health care proxy, despite her original designation. Selecting the right individuals for each part of an estate plan is essential.

I currently serve as my parents’ executor and power of attorney, while my husband—whom they trust deeply—will likely act as their health care proxy.

My parents continue to discuss what they want their legacy to look like. They hope to help their grandchildren with education expenses, although they haven’t finalized their approach. My goal is to understand their wishes so I can support them or help find someone who can, just as many Berkshire hathaway families aim to do for their own loved ones.

Important Takeaways

While my story is personal, there are larger lessons to share with Berkshire hathaway employees. In my experience, I've found that it could be helpful to begin the conversation from an emotional rather than strictly financial angle, especially if your family members are hesitant to discuss end of life matters.

Since many estate planning laws differ from one state to another, Berkshire hathaway employees may want to have their parents' estate planning documents reviewed if their circumstances change, especially after relocating.

Make sure you know where important documents are kept during your conversations, and consider who may be well-suited to help carry out your parents' wishes.

How The Retirement Group Can Assist

Discussing estate planning, family communication, and aging can be challenging, but you do not have to handle it on your own. The Retirement Group helps retirees and their families think through future decisions and understand available options. If you need guidance with retirement or estate planning, you can reach our team at (800) 900-5867 .

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Sources:

1. Coughlin, Peter. “ How to Organize Estate Documents to Make Life Easier for Your Heirs .” Berkshire Money Management , 23 Aug. 2024, https://berkshiremm.com/organize-estate-and-financial-documents/ .

2. Hermance Law. “ Talking with Elderly Parents about Estate Planning .” Hermance Law , n.d., https://hermancelaw.com/blog/estate-planning-for-elderly-parents .

3. Kaminsky, Michelle, Esq. “ Do I Need to Update My Estate Planning Documents if I Move to a New State? ” LegalZoom , updated 28 Jan. 2025, https://www.legalzoom.com/articles/do-i-need-to-update-my-estate-planning-documents-if-i-move-to-a-new-state .

4. National Institute on Aging. “ Choosing a Health Care Proxy .” National Institute on Aging , reviewed 31 Oct. 2022, https://www.nia.nih.gov/health/advance-care-planning/choosing-health-care-proxy .

5. Nash, Tom. “ The Church’s Cremation Change .” Catholic Answers Magazine , 4 Jan. 2024, https://www.catholic.com/magazine/online-edition/the-churchs-cremation-change .

How does the merger of the Johns Manville Employees Retirement Plan into the Berkshire Hathaway Consolidated Pension Plan specifically affect the retirement benefits for current employees at Johns Manville? In what ways can eligible employees of Johns Manville leverage the benefits of this merger to maximize their retirement planning?

Impact of Merger on Current Employees' Retirement Benefits: The merger of the Johns Manville Employees Retirement Plan into the Berkshire Hathaway Consolidated Pension Plan does not decrease the pension benefits previously earned by employees under their prior plans. Employees continue to receive the same benefits with the same payment options as provided by their prior plan. Any previous payment elections, beneficiary designations, and qualified domestic relations orders remain effective. This consolidation also maintains the insurance of pension benefits through the federal Pension Benefit Guaranty Corporation.

What are the implications for employees of Johns Manville if they choose to retire early prior to their Normal Retirement Age? How do the specific conditions set forth in the Berkshire Hathaway Consolidated Pension Plan guide early retirees from Johns Manville in making informed decisions regarding their benefit options?

Implications of Early Retirement: Employees of Johns Manville who choose to retire early, before their Normal Retirement Age, can still receive benefits. However, these benefits are adjusted based on the age of retirement. If an employee retires at 60, for instance, their monthly benefit payment from the plan will be reduced by a certain percentage for each month that the benefit payments start before the Normal Retirement Age. This reduction compensates for the longer period over which benefits are expected to be paid.

Given the unique characteristics of the Merged Plan, what should employees at Johns Manville consider when calculating their Average Final Salary, and how does this calculation impact their retirement benefits? Additionally, how is Covered Compensation factored into this adjustment, and what strategies can employees employ to ensure accurate calculations?

Calculation of Average Final Salary and Covered Compensation: When calculating the Average Final Salary for retirement benefits, it includes the highest-paid, five consecutive years out of the last ten years of employment. This calculation impacts the retirement benefits as it forms part of the formula used to determine the pension amount. Additionally, Covered Compensation, which refers to the average of the Social Security wage bases, is used to adjust portions of the salary in the benefits calculation, ensuring that the benefits align with national wage growth trends.

How can employees of Johns Manville navigate the various options available for retirement benefit payments outlined in the Berkshire Hathaway Consolidated Pension Plan? What key points should Johns Manville employees consider regarding the selection of forms of payment and potential tax implications in retirement?

Navigating Retirement Benefit Payment Options: Employees of Johns Manville need to consider the form of payment for their retirement benefits, as different options can have different tax implications and affect monthly income. Options typically include lump sums, annuities, or a combination. Employees should consider their financial needs, tax situation, and life expectancy when choosing the form of payment. Consulting with a financial advisor could be beneficial.

For employees at Johns Manville, what steps should they take to stay informed about their accumulated service and benefit service credits, particularly in relation to the changes brought about by the merger into the Berkshire Hathaway Consolidated Pension Plan? How do vested rights impact their eligibility for retirement benefits?

Staying Informed About Service Credits: To manage the transition and keep track of their service credits post-merger, Johns Manville employees should regularly review their service and benefit statements, maintain communication with the plan administrator, and attend any informational meetings or seminars offered by Berkshire Hathaway. Understanding how service credits are calculated and tracked ensures that employees can accurately plan for retirement.

What is the process for reemployment under the Terms of the Merged Plan for former employees of Johns Manville, and how can they ensure their accumulated benefit service is credited effectively upon rehire? What are the implications of this reemployment on their retirement benefits, particularly concerning their previous employment history?

Reemployment and Accumulated Benefits: Reemployed former employees of Johns Manville should verify how their accumulated benefits are treated upon their rehire. Generally, benefits accumulated during previous periods of employment will be credited upon rehire, but specific plan provisions should be consulted to confirm how reemployment affects accrued benefits and eligibility for additional benefits.

What do the terms of the Berkshire Hathaway Consolidated Pension Plan dictate regarding disability retirement benefits for eligible employees at Johns Manville? How should employees approach the application process for disability benefits, and what criteria do they need to be aware of to qualify?

Disability Retirement Benefits: Eligible employees of Johns Manville who become disabled according to the terms of the plan may qualify for disability retirement benefits. The process involves a determination by the plan administrator, and employees must meet specific criteria outlined in the plan documents to qualify. Understanding these criteria and the required documentation is crucial for accessing disability benefits.

How can employees of Johns Manville ensure they have adequate protection for their beneficiaries under the retirement provisions outlined in the Berkshire Hathaway Consolidated Pension Plan? What specific steps can employees take to secure these benefits, and how can they keep their beneficiary designations updated?

Beneficiary Protections: Employees should regularly review and update their beneficiary designations to ensure that their retirement benefits are distributed according to their wishes upon their death. This includes making any necessary changes following life events such as marriage, divorce, or the birth of a child.

How does participation in the Merged Plan differ for salaried and hourly employees of Johns Manville, and what specific eligibility criteria apply to each group? How can understanding these differences improve retirement planning for employees across the different classifications?

Differences in Participation for Salaried and Hourly Employees: The eligibility and benefits might differ between salaried and hourly employees under the Merged Plan. Understanding these differences helps employees make informed decisions about their retirement planning and benefit utilization.

How can employees of Johns Manville contact the Local Benefits Administrator for assistance regarding their retirement benefits and the contents of their plan documents? What are the recommended methods of communication for inquiries or requests regarding their Merged Plan benefits?

Contacting Local Benefits Administrator: Employees should contact their Local Benefits Administrator for any inquiries or assistance regarding their retirement plan. Keeping the contact information updated and consulting the administrator for guidance on plan provisions and benefit claims is advised for navigating their retirement benefits effectively.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Berkshire Hathaway offers both a traditional defined benefit pension plan and a defined contribution 401(k) plan. The defined benefit plan provides retirement income based on years of service and final average pay. The 401(k) plan features company matching contributions and various investment options, including target-date funds and mutual funds. Berkshire Hathaway provides financial planning resources and tools to help employees manage their retirement savings.

Berkshire Hathaway has agreed to a $10 million settlement in a long-running pension dispute involving Acme Brick. The company continues to offer comprehensive retirement benefits, including a defined benefit pension plan and a 401(k) plan. In today's political climate, it is important to stay informed about these benefits.

Berkshire Hathaway does not typically offer RSUs or stock options as part of its employee compensation packages, focusing on other forms of financial incentives and benefits.