Christian Based Estate Planning
Christian based estate planning promotes transfer of assets at death in a manner consistent with biblical principals of stewardship. Christian based estate plans differ from secular plans in that they promote generational wealth, sensible charitable giving, and financial responsibility among beneficiaries.
promoting Generational Wealth
A Christian based estate plan seeks to promote generational wealth. This can be accomplished in a myriad of ways and its our job to understand your values and provide solutions. All to often estates are liquidated, homes sold, and money is distributed to beneficiaries.
Christian based estate planning seeks to distribute assets in a manner which promotes responsibility and accountability through the biblical principles of stewardship.
Principles of Stewardship
Ownership
Responsibility
Accountability
Reward
Promoting Sensible Charitable Giving
A Christian based estate plan seeks to promote sensible charitable giving by making it easy to provide either lump sum or periodic contributions for charitable purposes. For example, a person with a love and appreciation for the arts may want to direct a small portion of their property to establish a scholarship in their name. This could be done as simply as directing the trustee to establish a scholarship with your church providing for a $1,000 payment to one student per year interested in pursuing a career in art and has been accepted to a college or university. For $20,000 you have funded a scholarship for twenty years!
Promoting Financial Responsibility Among beneficiaries
A Christian based estate plan seeks to promote financial responsibility among beneficiaries. Most estate plans call for the estate to be liquidated and distributed outright to the beneficiaries. This can have disastrous consequences.
It may be wise to distribute this money in the form of monthly or bi-annual payments as to promote sensible spending. You could authorize your trustee to give a lump sum advance exceptions should the beneficiary need more money for a down payment on property or to pay for educational needs. The sky is the limit on options, but the purpose is to promote financial responsibility and accountability.
examples of how biblical principles of stewardship can be incorporated in your estate plan
- Clause that requires payment only after beneficiary has completed a course on financial responsibility.
- Clause that requires monies be spent on life insurance policies for your grandchildren.
- A requirement that money only be distributed to beneficiaries only for the purchase of a home or rental property.
- A requirement that periodic distributions be given after attendance at an annual or biennial family reunion.
These are just a few examples. However, the purpose is to promote sustained generational wealth. You worked hard and endured countless sacrifices to amass your wealth. A plan that promotes generational wealth and will allow you to pass your values along to your beneficiaries for generations to come.