When should I begin the wealth transfer process? (Timing Decision)
Hello, my name is Ron Blue, and one of the most difficult questions that we have to answer is, “When am I going to start this wealth transfer process?” I would think that there are two principles that perhaps you should be thinking about. When you think principles, you tend to make better decisions than when you think tools, techniques, or specifics.
So, the principles are this:
First of all, you want to put your money into the Kingdom, I think, as soon as what you can. Because when you put it into the Kingdom, it now has the opportunity to be used for the Kingdom right now as opposed to waiting until death.
And that leads to the second principle, and it’s an easy one to remember:
Do your giving while you’re living, so you’re knowing where it’s going. The point of that is: if you are going to leave money to children, grandchildren, charities, wherever it is that you are going to leave wealth, you need to begin to do it now, so that you can see the results of it. And, you have an opportunity for those dollars to be maximized for a long time. Plus, you have the opportunity to evaluate “how does the charity handle the money?”, “how do my children handle the money that we potentially can give them?”. It doesn’t have to be a lot of money, but it can be some amount so that I can begin right now. Then, I can do my giving while I’m living so I’m knowing where it’s going. And, if I give that last dollar away on the day that I die, I have used it while I am still alive. And I have put it into Kingdom purposes, be it with charities or be it with my heirs. That’s the right way to go.
Click here for the August 7, 2009 Blog Entry