Many people may want to know the “how” to estate planning without first considering the “why”. While it is important to determine how you want to pass along the wealth and assets to your children, many forget to ask themselves why they choose the plan they do. To determine the “how” to your estate planning you have to ask yourself a few questions.
The Bible has two examples of estate planning for us to learn from, the story of King David and King Jehoshaphat. King David passed along wisdom and values to Solomon, which he took into his reign, allowing him to prosper. In contrast, King Jehoshaphat gave the inheritance to his wife and children equally and simply gave the kingdom to the eldest son without regard to which one of his children could be the better choice. He made a decision using the common practice of his time, without asking the “why” to his decision-making. Thus, his values did not pass to the next generation and Israel struggled.
So what do you have to do when making decisions in regard to estate planning?
Consider the “why”
Then determine the “how”
By incorporating your faith into your decision-making, you can experience much more lasting happiness, successfully transfer wealth across generations, and leave behind a positive and spiritual legacy. If you would like guidance on discovering ways to incorporate faith into your future decisions and investments, Stonecrop can help get you started. Contact us at info@stonecropadvisors.com
AUTHOR
Doug MacGray
DATE
November 17, 2022
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