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By Bob Barber, CWS®
These commandments that I give you today are to be on your hearts. Impress them on your children. Talk about them when you sit at home and when you walk along the road, when you lie down and when you get up. Tie them as symbols on your hands and bind them on your foreheads. Write them on the doorframes of your houses and on your gates. Deuteronomy 6:6-9
Recently, episode 79 of my podcast was on “Creating a Family Legacy”. If you haven’t gotten a chance yet I invite you to listen to it.
When you hear the word “legacy” what do you think of in regards to your family? Have you ever thought about having a 100 year view for what you want for your family. What kind of lasting legacy would you like to create in your children, grandchildren for generations to come after that?
What if you had a letter from your great, great grandpa or grandma that shared what it was like for them growing up? A letter that shared what their struggles and victories were in life. If they knew the Lord and when they came to a personal relationship with Him. A letter that shared about their marriage, their children and all of life’s victories and struggles. Would you cherish a letter like this from your great great grandparents?
I would like to challenge you to think about sitting down in the next few days or weeks and writing a letter just like this that future generations could read years after your gone. Include in this letter what your family was like when you were growing up? What your struggles and victories were in life? When you came to know the Lord? About your marriage, its victories and struggles. What you valued the most in life, your beliefs, and what your hopes and dreams were for future generations.
I can promise you this letter will be cherished by future generations as much as you would cherish one if you had one from your great great grandparents.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row top=”20px” bottom=”20px”][vc_column][vc_column_text]
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[vc_row top=”20px” bottom=”20px”][vc_column][vc_single_image image=”10815″ img_size=”Full” alignment=”center”][vc_row_inner][vc_column_inner][vc_column_text]By Shawn McCammon
Though it may be hard not to panic when the grocery store shelves are empty, the number of confirmed cases of COVID-19 keeps rising, and we see sobering statistics across the globe…we will not overcome this challenge with a panicked response.
Nonetheless, there are certain things we all need to be doing right now – and your public health officials are the best resource on how to stay personally safe and help prevent the virus from spreading.
When it comes to the seriousness of this outbreak, however, there also are some critical estate planning decisions you should make – or review – right now.
Ask yourself these questions:
Who will make medical decisions for me should I become severely ill and unable to make these decisions myself?
Who will make my financial decisions in that same situation — for example, who will be authorized to sign my income tax return, write checks, or pay my bills online?
Who is authorized to take care of my minor children in the event of my severe illness? What decisions are they authorized to make? How will they absorb the financial burden?
If the unthinkable happens – what arrangements have I made for the care of my minor children, any family members with special needs, my pets, or other vulnerable loved ones?
How will my business continue if I were to become seriously ill and unable to work, even remotely … or in the event of my death?
These are the most personal decisions to make right now to protect yourself and your loved ones during this emergency. Now is also a good time to ask yourself if you have plans in place for the smooth transfer of your assets and preservation of your legacy.
We are ready to help walk you through these decisions, understand the ramifications of your choices, and memorialize your plans in binding legal documents. We are currently offering no-contact, initial conferences remotely if you prefer. Book a call now at: texas-estateplanning.com/book-a-call or call the Christian Financial Advisors® office at (830) 609-6986 to set up a meeting with Shawn.
*Estate planning and legal services are provided through McCammon & Murray, PC a separate and unaffiliated legal entity, and not through Christian Financial Advisors® Man-agement. CIS clients are not required to use the services of McCammon & Murray, PC for legal advice. Any legal advice and legal fees earned by Mr. McCammon are not provided or shared with CIS. Attor-neys at McCammon & Murray PC are licensed to provide legal advice in TX and CA only.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row top=”20px” bottom=”20px”][vc_column][vc_column_text]
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[vc_row top=”20px” bottom=”20px”][vc_column][vc_single_image image=”9498″ img_size=”Full” alignment=”center”][vc_row_inner][vc_column_inner][vc_column_text]A common misconception about legacy planning is that only the very wealthy leave legacies, but nothing could be further from the truth. That’s because your legacy is about far more than the money or assets you leave to loved ones or the organizations you support. It’s also about the family history, values and traditions you pass along to family members and loved ones.
Think about some of the legacies handed down through your own family. Maybe it’s your great-grandmother’s potato salad recipe, grandpa’s World War II medals, a handmade quilt or cherished family stories. While some of these may have little or no monetary value, they may hold tremendous sentimental or historical value for family members. And what about the traditions, beliefs and values you pass down to children, grandchildren or future generations? These are all part of your legacy and how you will be remembered by the people whose lives you touched along the way.
Below are 3 reasons why it’s never too early to begin thinking about and planning your family legacy:
1. Legacy planning helps to protect the lifestyle you and your family value.
How you care for and protect the people and the causes that mean the most to you during your lifetime and in your absence forms the core of your legacy. How will you protect the income your family depends on in the event of a wage earner’s job loss, death or disability? How will you ensure you have the income you need when you need it to accomplish your goals to and through retirement? Legacy planning is part of a broader financial plan developed to help you manage your personal and financial affairs while you’re alive and control the distribution of wealth upon your death. By aligning your financial assets and investment strategy with your goals and values, planning helps to ensure your family legacy is carried out according to your wishes.
2. It’s not what you earn, but what you keep that matters.
Taxes make planning paramount at all stages of life. That’s because you want as much of your wealth as possible to support the people and organizations that are important to you, not lost to taxes. That requires strategies that seek to manage and reduce your tax exposure now and help to protect the value of assets intended for distribution upon your death.
3. Planning helps to ensure the smooth transition of wealth and family values.
Serving as an objective family advocate, your financial advisor can help ensure your financial success is shared with your family, friends, and the charitable organizations you designate, according to your wishes. That may include educating your children and grandchildren on wealth management concepts and principles; establishing trusts for minors or family members with special needs; helping your heirs make prudent financial decisions; and carrying out your philanthropic goals, among others. Best of all, we can help you implement strategies during your lifetime, enabling you to witness your legacy in action through various investment, asset protection and gifting strategies.
To learn more about how the financial planning process can help you define and implement your legacy goals, contact the office today by calling (830) 609-6986 or e-mailing info@ciswealth.com.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row top=”20px” bottom=”20px”][vc_column][vc_column_text]
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[vc_row top=”0px” bottom=”0px”][vc_column][vc_column_text]In the last few months unfortunately, we have had a number of older clients pass away who we had served for many years. Our condolences are with their families over the loss of their loved ones.
When a person passes away, the tasks of the chosen executor for their will can be a very long and tedious process. Over the years I have spoken to many clients that have been put in the role of executor and it can be an overwhelming experience. As a Certified Wealth Strategist® I am presently creating a system for our clients to help them and their executors understand this extensive role, make it less arduous, and clarify the steps to take.
It is important to select the right person to be an executor. There is a tendency to choose the spouse or oldest child as the executor, which could be a mistake. There are several things you must consider when choosing an executor:
- Are they trustworthy?
- Are they qualified for the job?
- Do they have the time?
- Do they agree with all your wishes?
- Do they get along with the family members involved?
- Do they manage long term projects well?
If you have already chosen an executor, we have many resources for them. I want our clients to know I am happy to meet with them and their executor to talk about the many administrative tasks their executor will face, in hopes that when they have to step up to the role, this vast responsibility will be less stressful.
Contact our office at 830 609-6986 or email us at info@ciswealth.com to request a meeting and to learn more about the resources we offer.
* This information is not intended to be a substitute for specific legal advice.[/vc_column_text][/vc_column][/vc_row][vc_row top=”30px” bottom=”0px”][vc_column][ess_grid alias=”winter-2017″][/vc_column][/vc_row]
God gives us wealth so we can make a difference and help others.
Acts 20:35
In everything I did, I showed you that by this kind of hard work we must help the weak, remembering the words the Lord Jesus himself said: ‘It is more blessed to give than to receive.’
Acts 20:35
In everything I did, I showed you that by this kind of hard work we must help the weak, remembering the words the Lord Jesus himself said: ‘It is more blessed to give than to receive.’
Last week I introduced the process called Heritage Planning and its importance. If you missed it, I would invite you to go back and read how estate planning has a 90% failure rate by the third generation if Heritage Planning is not included in estate planning. By including Heritage Planning, you don’t have to choose between passing down just finances (estate planning) or passing down just wisdom, family values, experiences and lessons learned from hardships (Heritage Planning). You can pass it all down to future generations.
Wisdom, Family Values, Money…if you could only leave two of these things to your children, which ones would they be? We’ve all heard of Estate Planning, but how about “Heritage Planning?” Today, and for the next few weeks, I’d like to talk to you about Heritage Planning.
PROVERBS 20:21(NASB) AN INHERITANCE GAINED HURRIEDLY AT THE BEGINNING WILL NOT BE BLESSED IN THE END.
An estate is comprised of everything you own—cars, homes, other real estate, checking and savings accounts, investments, retirement accounts, mineral rights, life insurance, personal possessions, collectables, etc. Estate Planning includes protecting these assets while living, as well as pre-planning for the distribution of them upon your death to your loved ones. A well thought out Estate Plan creates a defense for asset protection. Can you provide for your beneficiaries and charitable giving goals, minimize estate taxes and other expenses and lower the stress and chaos for those left behind upon your death? It has been estimated that 85% of the American population does not have any kind of estate plan, not even a simple will. Are you one of them?