KINGDOM ADVISORS KINGDOM - Amazon S3 · KINGDOM KINGDOM ADVISORS ... God owns it all. (Job 41:11,...

W E A L T H T R A N S F E R

CONVERSATIONSKINGDOMK I N G D O M A D V I S O R S

An exclusive member benefit of Kingdom AdvisorsKingdomAdvisors.org



C O N V E R S AT I O N G U I D E


Wealth Transfer

Considers impact on recipients as highest priority

Implements plans that can (and should) begin now

Involves family input now and professional advisors later

Makes stewardship decisions

Transfers ownership

Considers impact on the donor and estate

Implements plans that begin at death

Involves professional advisors now and family later

Makes tax-efficient decisions

Retains control as long as possible – even beyond the grave

Estate Planning


Question: What are the critical considerations surrounding wealth transfer?

TRANSFER DECISION1

WEALTH TRANSFER PROCESS

TREATMENT DECISION

TIMING DECISION

TITLE DECISION

TOOLS & TECHNIQUES

TALK DECISION

2

3

4

5

6

Advisor ObjectivesDraw a distinction between traditional estate planning and the wealth transfer process.

To explain the steps of the wealth transfer process and the principles embedded therein, so that important priorities and questions in a client’s life and family are addressed.

Your ability to communicate passionately about this conversation begins with you. When you have a well-formed personal conviction about the topic and are relating that conviction to your own life choices, you will communicate more meaningfully with your client. Take the time to articulate your personal conviction regarding the wealth transfer conversation here:

A

B

Personal Conviction

Wealth Transfer Vs. Estate Planning


1. This is a long-term process, involving multiple conversations.2. The more wealth a person has, the more complicated things become.3. This conversation is always a springboard to introduce the giving

question.

30s / 40s: Acknowledge the importance of passing wisdom before wealth; focus on raising children who will handle future wealth wisely. Grow in knowledge and relationship with various ministry opportunities.

40s / 50s: As children leave home, seek to foster responsibility in them as they gain freedom (prepare to go to college, manage money and relationships, etc.). Continue to grow in knowledge and relationships regarding various ministry opportunities.

50s / 60s: As young adult children get started in life, observe their handling of responsibility and money, and decide what level of assistance you will give them during this season. Begin to refine and focus passions and relationships in the ministry / generosity world.

60s / 70s: Spend concentrated time thinking about the distribution of wealth. Determine the mechanics of the wealth distribution as well as the priorities inherent in it (children, ministries, etc.). Engage in periodic, intentional communication with adult children about wealth transfer plans.

Good estate planning may be poor wealth transfer planning because good estate planning, when driven by tax law, will want to defer the distribution of an estate as long as possible. This often means that wealth passes to grandchildren or great-grandchildren. When you pass wealth to the third and fourth generations, unintended consequences (often tragic) can occur. Grandchildren, and especially great grandchildren, did not see the wealth created, they do not know how it came to be, and so their use of the money will be very different than the first or second-generation’s use of the money. Consider the following question to make this point: “Can you name one of your great grandmothers’ maiden names?” The impact of the wealth, which creates the risk, will lie in the third and fourth generation, who will not know the origin of the wealth.

1. What is the nature of the wealth? (inherited vs. created)2. What are the family considerations that you are aware of?3. Is there consistent husband / wife unity?4. What is the level of spiritual interest / engagement of the family?5. What is the spiritual condition of the heirs?6. What are the ages of both the clients and their children?

Framing The Conversation

Wealth Transfer focus, by age

Contextual Questions:

TRANSFER DECISION1


TREATMENT DECISION

TIMING DECISION

TITLE DECISION

TOOLS & TECHNIQUES

TALK DECISION

2

3

4

5

6

W E A L T H T R A N S F E RAdvisor Talking Points

You have only three choices for your next steward:1. Taxes 2. Charity 3. Heirs / Beneficiaries

Typically (big picture, once you get into taxable estate size) for every dollar that you allocate to heirs, there is another dollar in taxes that you will pay.

Questions:1. If we give x amount to x person, what is the worst thing that can happen?2. How serious is that?3. How likely is that to occur?

Treasure Principle: You can’t take it with you but you can send it on ahead. (Based on Matthew 6:19 – 21;

Luke 14:12 – 14)

“ We sometimes miss the fact that Jesus is all for treasures. He simply wants us to store them in the right place: heaven. That’s a wise investment…Can you grasp this powerful concept? What I do on earth can accumulate treasures in heaven that will last forever.” Ron Blue, Splitting Heirs, p. 63

Unity Principle: Your spouse completes you; they don’t compete with you.

Conversation Tips: A husband and wife may have different goals and feelings:

1. An entrepreneur’s attitude toward created wealth may be very different than their spouse’s attitude. They may, commonly, want to pass off business to their kids, It may resist giving them money early, and they may resist selling the business.

2. In the case of inherited wealth, who inherited the wealth can create a lot of complexity.3. Remember that the wealth transfer conversation can go a long way toward helping a

couple build their relationship, and an advisor can add a lot of value.4. If there is difficulty achieving unity, the couple may need a temporary plan in place

while they work out a better one.

Wisdom Principle: If you are going to pass wealth, be sure to pass wisdom first. Wealth rarely creates

wisdom.

Conversation Tips:1. Good stewardship includes not only providing for your family, but also being sure that

every family member knows how to manage that provision.2. Use the three questions above (“What is the worst thing that could happen if I transfer

wealth to…?” “How serious is it?” “How likely is it to occur?”) in analyzing the risk of passing on wealth to specific beneficiaries.

TRANSFER DECISION1

TRANSFER DECISION1


TREATMENT DECISION

TIMING DECISION

TITLE DECISION

TOOLS & TECHNIQUES

TALK DECISION

2

3

4

5

6


The Uniqueness Principle: If you love your children equally, you will treat them uniquely.

This principle adds value to your children. You can decide to treat them equally, in the end, but the process of arriving at that decision is very important, because it can be devaluing to a child to be treated equally.

Conversation Tips: 1. It is very common for children who are raised in the same home to grow up to be very

different. So, when it comes to wealth, it makes really good sense to think that different children will make decisions and handle money differently.

2. Often, a mother may have a better sense of where her children are and may have a strong opinion on treating them equally. That conclusion is fine, but be sure to arrive at that conclusion through an intentional, thought-out conversation.

Some things to avoid:1. You never want to deny God an opportunity to work or deny your children a chance to

make it on their own.2. Never use money to get between a husband and wife.3. Never use money to manipulate behavior.4. Never use money to get between a parent and a child.5. Be careful not to commit heirs to a lifestyle or to change their lifestyle.6. Be careful not to destroy someone’s (an heir or in-law’s) need to provide.7. Be careful not to fall prey to children’s manipulation.

TREATMENT DECISION2

TIMING DECISION3

TITLE DECISION4

Givin’ While Livin’ Principle: Do your givin’ while you’re livin’ so you’re knowin’ where it’s goin’.

Conversation Tips: 1. God owns it all. When you are going to give, or transfer title, don’t have any strings

attached to the gift or transfer.2. Setting financial finish lines (answering “How Much Is Enough?”) gives you freedom to

give now, without fearing a lack of resources or provision for your family.3. If you help your kids, it probably works best earlier rather than later in their lives. This

allows you to truly help and to see the consequences of helping.

Stewardship Principle: God owns it all. (Job 41:11, Psalm 24:1, I Chronicles 29:14, Deuteronomy 8:18, I

Corinthians 6:19 – 20, Matthew 25:14)

Conversation Tips: The implications of God owning it all are:

1. He can take whatever He wants whenever He wants.2. Every spending decision is a spiritual decision.3. Stewardship can’t be faked (your checkbook will reveal your heart).

TRANSFER DECISION1


TREATMENT DECISION

TIMING DECISION

TITLE DECISION

TOOLS & TECHNIQUES

TALK DECISION

2

3

4

5

6


TITLE DECISION4Some things to avoid:

1. When you pass title, make sure you really pass title, and don’t attempt to control it.2. Don’t try to control wealth beyond the grave because:

you can’t you really won’t care

When considering how to deal with the family business:1. Separate ownership thinking from leadership and management objectives.2. Be clear about what compensation is for.3. Think “long term.”

What if the business becomes extremely valuable 20, 30, 40, or 50 years from now?What if the business becomes worthless?

4. Cash is much easier to transfer than a business.

TOOLS & TECHNIQUES5

TALK DECISION6

Tools Principle: Estate planning tools and techniques help you accomplish objectives, but they are not the

objective.

Good estate planning may be really poor wealth transfer planning.

KISS Principle: Keep it as simple as possible.

Conversation Tips:1. Estate tools are usually the first place people go, but should be toward the end of

the process. Until you’ve gone through the other steps, you aren’t ready for this step. Wealth transfer is a like a recipe, and getting the steps out of order can undermine the end result.

2. Often, the perception and fear of complex legal or technical matters are a primary cause for people failing to complete a will or implementing their wealth transfer plans.

The Expectation Principle: Communicate to align expectations with plans.

Conversation Tips:1. Purpose is to avoid a “coping gap” with your children – when expectations and reality

don’t agree.2. It’s a good idea to have a family conference before you die rather than waiting for

them to have one without you in the attorney’s office.3. Be sure to have a conversation around memorabilia at this point, as well. 4. A family conference may require a facilitator.5. One family conference is not enough, because things change over time.6. Some topics to include in a family conference are:

Share your heart and your wishes Allow heirs to ask questionsPass on wisdom Discuss wealth transfer processDiscuss lifetime (current) giving

TRANSFER DECISION1


TREATMENT DECISION

TIMING DECISION

TITLE DECISION

TOOLS & TECHNIQUES

TALK DECISION

2

3

4

5

6

1. As we talk about estate planning or wealth transfer, what is your greatest fear?

2. Passing it on to heirs:If you give XX amount to XX person, what is the worst thing that can happen?How serious is that? How likely is that to occur?

3. How do your kids handle money?4. What’s been your observation on their parenting styles? What are their

marriages like?5. Have you thought about including anything charitable in your wealth

transfer decisions?6. Have the two of you spent any time discussing your children and the risks

associated with them as it relates to wealth transfer?7. What is the story behind your wealth? (Observe how the parties in the room

feel about the wealth.)

1. Tell me about your children.2. How do they manage money?3. From your observation, what is their marriage like? What is their child-

raising like?4. Are there any special needs among your children or grandchildren?5. If you left XX amount to this specific child, how do you see them handling it?

1. What are your wealth transfer objectives? Have you considered beginning implementing those earlier rather than later?

2. Have you considered the impact of the giving that you could do now?3. What would be the barriers to beginning a giving plan right now?

1. What have you heard about the tools and techniques that are available to you?

2. Are there any tools and techniques that you think you would like to use or that people have suggested to you?

1. What do you think your heirs’ expectations are?2. What concerns would you have about having a family conference?3. Have you had a family conference?

Have you communicated to set expectations?Have you communicated that wealth transfer is a process and that things may change, in time?Have you communicated the reasoning behind your decisions?Have you communicated your giving plan?

W E A L T H T R A N S F E RClient Questions for the Stages in the Wealth Transfer Process

TRANSFER DECISION1

TREATMENT DECISION2

TIMING DECISION3

TOOLS & TECHNIQUES5

TALK DECISION6

TRANSFER DECISION1


TREATMENT DECISION

TIMING DECISION

TITLE DECISION

TOOLS & TECHNIQUES

TALK DECISION

2

3

4

5

6

W E A L T H T R A N S F E RScriptures

“ The Bible says, ‘An inheritance quickly gained at the beginning will not be blessed at the end’ (Proverbs 20:21). In biblical times, sons inherited their fathers’ properties and thus provided for the rest of their families. What is not so obvious is that, in most instances, the sons received their inheritances while their fathers were still living, enabling the fathers to oversee their sons’ stewardship. In turn, the sons, particularly the oldest, inherited great responsibility for providing for the parents and extended family. Would you be more interested in training your children to handle money wisely if you knew that one day your estate would be in your children’s hands and you would have to depend on them for your support?”

– Ron Blue, Splitting Heirs, p. 71

“ So now, in the sight of all Israel, the assembly of the Lord, and in the hearing of our God, observe and seek after all the commandments of the Lord your God so that you may possess the good land and bequeath it to your sons after you forever.” I Chronicles 28:8

“ Riches do not profit in the day of wrath, but righteousness delivers from death.” Proverbs 11:4

“ A good man leaves an inheritance to his children’s children, and the wealth of the sinner is stored up for the righteous.” Proverbs 13:22

“An inheritance claimed too soon will not be blessed at the end.” Proverbs 20:21

“ Train up a child in the way he should go; even when he is old he will not depart from it.” Proverbs 22:6

“ I hated all the things I had toiled for under the sun, because I must leave them to the one who comes after me. And who knows whether he will be a wise man or a fool? Yet he will have control over all the work into which I have poured my effort and skill under the sun. This, too, is meaningless.” Ecclesiastes 2:18.19

“ Wisdom along with an inheritance is good and an advantage to those who see the sun. For wisdom is protection just as money is protection, but the advantage of knowledge is that wisdom preserves the lives of its possessors.” Ecclesiastes 7:11-12

“It is good for a man that he should bear the yoke in his youth.” Lamentations 3:27 “ Someone in the crowd said to Him, ‘Teacher, tell my brother to divide the family inheritance with me.’ But He said to him, ‘Man, who appointed Me a judge or arbitrator over you?’ Then He said to them, ‘Beware, and be on your guard against every form of greed; for not even when one has an abundance does his life consist of his possessions.’” Luke 12:13 - 15

“ Jesus continued, ‘There was a man who had two sons. The younger one said to his father; ‘Father; give me my share of the estate.’ So he divided his property between them. Not long after that, the younger son got together all he had, set off for a distant country and there squandered his wealth in wild living. After he had spent everything, there was a severe famine in that whole country, and he began to be in need.’” Luke 15:11-14

Books:

Splitting Heirs by Ron Blue with Jeremy WhiteCase orders of 52 available at 60% off on the Kingdom Advisors Member Home Page

Family. Money. by David Wills, Terry Parker, and Greg SperryAvailable at no cost as an ebook from National Christian Foundation:nationalchristian.com/familymoney

Downloadable Tools:

Client Conversation Piece Client Conversation Overview Creating a Meaningful Family Conference 26 Documents Every Adult Needs

Downloadable Diagrams:

Decision Making Process: Principles Decision Making Process: Key Questions Wealth Transfer vs. Estate Planning Chart

W E A L T H T R A N S F E RAddtional Client Resources



C O N V E R S AT I O N P I E C E


Often, a primary objective of financial planning is solid estate planning, which tends to focus heavily on the tools and the tax implications of wealth transfer. However, it is prudent to answer estate planning questions by engaging in a broader wealth transfer process. The wealth transfer process is a series of decisions which speak to the “why’s”, “how’s”, and “so what’s” of passing on wealth to future generations. The process underscores the importance of passing wisdom before wealth and the implications of biblical stewardship on wealth transfer.

Scripture speaks to the blessings and the challenges of wealth transfer for future generations:

“ A good person leaves an inheritance for their children’s children.” Proverbs 13:22a (NIV)

“ I hated all the things I had toiled for under the sun, because I must leave them to the one who comes after me. And who knows whether he will be a wise man or a fool? Yet he will have control over all the work into which I have poured my effort and skill under the sun. This, too, is meaningless.” Ecclesiastes 2:18-19 (NIV)

“ Wisdom, like an inheritance, is a good thing and benefits those who see the sun. Wisdom is a shelter as money is a shelter, but the advantage of knowledge is this: wisdom preserves those who have it.” Ecclesiastes 7:11-12 (NIV)

Wealth Transfer





Transfers ownership






Estate Planning

Wealth Transfer is a long-term process, involving multiple decisions and conversations.

W E A L T H T R A N S F E RWhat are the critical considerations surrounding wealth transfer?

Unity: Your spouse completes you, not competes with you.Wisdom: Transfer wisdom before wealth.Treasure: You can’t take it with you, but you can send it

on ahead.

Uniqueness: Love your children equally and treat them uniquely.

Timing: Do your givin’ while you’re livin’ so you’re knowin’ where it’s goin’.

Stewardship: God owns it all.

Tools: Tools and Techniques accomplish the objective; they are not the objective.

Trust: Never use a trust because of a lack of trust.K.I.S.S.: Keep it as simple as possible.

Expectation: Communicate to align expectations with plans.

1 TRANSFER DECISION

2 TREATMENT DECISION

3 TIMING DECISION

4 TITLE DECISION

5 TOOLS & TECHNIQUES

TALK DECISION6

Step One: Answer the following: 1. What is the worst thing that can happen if I transfer wealth to…? How serious is that? What is the probability of this happening?

2. Have you considered including any charitable giving in your wealth transfer decisions? Have you considered the impact of the giving that you could do now?

Step Two: Read Splitting Heirs by Ron Blue with Jeremy White. And, with your advisor, determine where you are in the wealth transfer process. Set a reasonable next-step goal for your family as you move forward.

Next Steps:

Principles



C O N V E R S AT I O N D I A G R A M S


W E A L T H T R A N S F E RDecision Making Process

PrinciplesTRANSFER DECISION1

TREATMENT DECISION2

TIMING DECISION3

TITLE DECISION4

TOOLS & TECHNIQUES5

TALK DECISION6

Principles

Timing Decision Principles

Timing Decision Principles

UNITY: Your spouse completes you, not competes with you.WISDOM: Transfer wisdom before wealth.TREASURE: You can’t take it with you, but you can send it on ahead.

UNIQUENESS: Love your children equally and treat them uniquely.

TIMING: Do your givin’ while you’re livin’ so you’re knowin’ where it’s goin’.

STEWARDSHIP: God owns it all.

Tools & Techniques Decision Principles

Talk Decision Principles

TOOLS: Tools & Techniques accomplish the objective; they are not the objective.

TRUST: Never use a trust because of a lack of trust.K.I.S.S.: Keep it as simple as possible.

EXPECTATION: Communicate to align expectations with plans.

W E A L T H T R A N S F E RWealth Transfer vs. Estate Planning

Wealth Transfer





Transfers ownership






Estate Planning

W E A L T H T R A N S F E RDecision Making Process

TRANSFER DECISION1

TREATMENT DECISION2

TIMING DECISION3

TITLE DECISION4

TOOLS & TECHNIQUES5

TALK DECISION6

To Whom? How much to children? How much to charity?

How Much? Do I give equally to each child?

Current? Deferred?

What? Form of estate assets?

How? Which techniques do I use?

Communicating the why, who, how much, when what and how.Deciding whether/when to have a family conference.

Questions



C O N V E R S AT I O N T O O L S


Adults need to consider 26 documents related to things, legacies, wishes, property, money, insurance, health care, marital status, and God. They need to assemble and file the documents. The family needs to know this collection exists and where to find it. Assembling the documents may take years, and regular family meetings—at least annual—will enhance the process and establish a pattern of communication.

W E A L T H T R A N S F E R26 DOCUMENTS EVERY ADULT NEEDS

1. WILL: It can be handwritten or prepared with personal software. It must be witnessed. It is best done by a lawyer. When there is no will, the state decides everything.

2. LETTER OF INSTRUCTION: a supplement to a will without legal weight. Gives the executor funeral wishes and contact names of all legal and financial advisors.

3. DURABLE POWER-OF-ATTORNEY: separate from a financial power of attorney that may apply before death. Applies to finances, not health.

4. DURABLE HEALTH-CARE POWER-OF-ATTORNEY: “This allows your designee to make health-care decisions on your behalf if you are incapacitated.” (Wall Street Journal, 7/2/2011)

5. AUTHORIZATION TO RELEASE PROTECTED HEALTHCARE INFORMATION FORM. “The first section includes… personal information such as a name and an address. Under the second section, patients will list the physician who will release the information. In the third section, patients write down who they want their information transferred to. The form may include a few additional questions, and the patient signs his consent at the bottom of the form.” (www.ehow.com)

6. LIVING WILL: combined with number 4 in some states constitutes an “advanced directive.” “A Living Will allows you to indicate your wishes concerning the withdrawal or withholding of life-sustaining procedures if you are in a terminal condition with no hope of recovery or are permanently unconscious.” (www.rocketlawyer.com)

7. TRUST DOCUMENTS: if there are revocable living trusts.

8. REAL ESTATE DEEDS: residence, rental property, vacation property, time shares, cemetery lots. Attach tax records with these.

9. MORTGAGE RECORDS: including home equity loans.

10 INCOME TAX RETURNS: previous three years. Provide a handy inventory of assets and a guide for filing final tax and/or estate return.

11. BANK ACCOUNTS: the bank, account numbers, CDs, usernames and passwords for online access, PIN numbers.

12. SAFE DEPOSIT BOX(ES): locations, keys, inventories, and signatories. Only persons whose signature is on file at the bank can have access.

13. OUTSTANDING LOANS: commercial, student, credit card, private.

14. VEHICLE TITLES: plus insurance records and maintenance records.

15. STOCKS AND BONDS: certificates, custodians, brokerages, brokers.

16. LIFE INSURANCE POLICIES: owned personally and by employer. Are the beneficiaries updated?

17. INDIVIDUAL RETIREMENT ACCOUNTS: where and who manages them. Proceeds automatically go to person or persons named on the beneficiary form.

18. PENSIONS AND/OR ANNUITIES: where and who.

19. 401(K) OR 403(B) ACCOUNTS: numbers and custodians or agents. If you are married, your spouse will get it all regardless of your will.

20. PARTNERSHIPS: legal agreements, corporations, operating agreements.

21. DONOR-ADVISED FUNDS: locations, decision makers.

22. MEDICAL HISTORY: immunizations, surgery(-ies), prescriptions.

23. MARRIAGE LICENSE AND DIVORCE DOCUMENTS.

24. MILITARY DISCHARGE: DD Form 214 to establish veteran’s benefits. Available online.

25. DO-NOT-RESUSCITATE ORDER: may be the last document prepared and signed. This sounds redundant, but remember that no matter how many other documents have been presented, doctors and nurses are trained to sustain life, period.

26. FOR CHRISTIAN BELIEVERS---A TESTIMONY OF FAITH: your spiritual legacy. How you came to believe in Jesus Christ and to trust Him for your salvation. What you prayed for your children, their spouses, your grandchildren, their spouses, etc.

Content adapted from “The 25 Documents You Need Before You Die,” The Wall Street Journal, July 2-3, 2011

It is best to have three sets of these documents---one set in a file drawer (or box or binder), one set with your lawyer, and at least a partial set in a safe deposit box.

Ponder TheseWho Owns It? The Testimony of Faith, the Will, and the Letter of Instruction will answer Question One. Psalm 24:1 says “The earth is the LORD’s, and everything in it.”

How Much is Enough? A combination of these three documents mentioned above plus lifestyle and charitable giving patterns will answer Question Two. There is no single answer. There is no biblical answer. Each person’s finish line is unique. “You can live on less when you have more to live for.”

Is the Next Steward Chosen and Prepared? The answer depends on the effectiveness of family communication. Periodic and regular reviews (at least annual) for wealth transfer, charitable intentions, and estate planning are essential.

1

2

3

Here are some helpful considerations for creating a family conference that will allow you to talk to your heirs about your wealth transfer decisions. You will be addressing both information and expectations with your family. Remember to allow plenty of time for everyone to be heard.

W E A L T H T R A N S F E RCREATING A MEANINGFUL FAMILY CONFERENCE

1. Share your heart and your desires The most important thing in starting the meeting is to create proper expectations, and to wisely address

preconceived expectations. To begin, you can look at two questions. a. The family head answers, “Why are we doing this?” b. The members answer, “What would you like to get out of today?”

2. Allow heirs to ask questions As family members answer, “What would you like to get out of today?”, certain questions will surface. Give

weight to answering the questions throughout the course of the conversation.

3. Pass on wisdom As the head of the family, you have an opportunity to share your wisdom about stewardship with those in

attendance. One suggestion would be to put in writing and share “Five things that I would say to you, relative to money are...” OR “As a manager of God’s resources, I want my heirs to remember…”

Also, the family meeting is a time to create an environment that encourages open and candid dialogue about the blessings and burdens that come with wealth. You could also ask, “What have been some of the strengths and struggles with having financial resources in our family? In addition to any success stories, relate a few examples of when you experienced difficulty and were unwise in decisions about finances.” (2 Corinthians 12:9 gives Paul’s view on this approach, “And He has said to me, ‘My grace is sufficient for you, for power is perfected in weakness.’ Most gladly, therefore, I will rather boast about my weaknesses, so that the power of Christ may dwell in me.”)

4. Discuss wealth transfer process and plans Explain to your family members the process that you have gone through in order to arrive at the decisions you

are sharing with them today. This may include going over the six steps in the wealth transfer process (Transfer, Treatment, Timing, Title, and Tools/Techniques). In addition, a primary goal of your family conference should be to review your estate plan with your heirs so as to clearly communicate your intentions.

Think of a unique trait you have observed in each family member that will communicate the confidence you have in him or her. How do you hope the estate resources will provide new opportunities in their lives to achieve success and contribute to pursuing purpose within your family members’ lives?

5. Discuss lifetime (current) giving Sharing your personal giving testimony is the best way to communicate your passions and desires about using

wealth to advance the work of God on earth. Articulating where you have given and are giving is helpful in providing context regarding giving plans outlined in your will.

Some families choose to make giving a family affair, choosing the charities and ministry organizations they want to give to on a collective basis. If your children are involved in the decision-making process, they will gain firsthand exposure to the generosity process, and they will be more apt to continue the giving traditions you have established.

After giving your testimony, consider expressing your encouragement for each family member to pursue their own passion for contributing to Christ-centered causes that are important to them. Ask, “Are there any areas of interest (giving related) you hope to research that can make a difference in the lives of others?”


WEALTH TRANSFER: TURNING ESTATE PLANNING INTO GENERATIONAL IMPACT

TRANSFER DECISION1

TREATMENT DECISION

TIMING DECISION

TITLE DECISION

TOOLS & TECHNIQUES

TALK DECISION

2

3

4

5

6

Wealth transfer vs. Estate Planning:

1

2

3

3.


TRANSFER DECISION1 “Who is going to get the wealth?”

CONSIDER

TREATMENT DECISION2 “How much will they get?”

CONSIDER


i. ii. iii. iv. v. vi.

TIMING DECISION3 “When will they get the inheritance?”

CONSIDER

TITLE DECISION4 “Who really owns it all?”

CONSIDER


3.

4.

TOOLS & TECHNIQUES5 “How will I accomplish my plan?”

CONSIDER

TALK DECISION6 “How will I communicate my plan?”

CONSIDER

KINGDOM ADVISORS KINGDOM - Amazon S3 · KINGDOM KINGDOM ADVISORS ... God owns it all. (Job 41:11,...

Documents

Transcript of KINGDOM ADVISORS KINGDOM - Amazon S3 · KINGDOM KINGDOM ADVISORS ... God owns it all. (Job 41:11,...