How do I go about transferring ownership of family property or family business? (Title Decision)

Hello, my name is Ron Blue, and those of you that have wealth or perhaps a business or a home, which I would consider to be wealth, you’ve got to answer a couple of questions when you begin to give it away. And I would just remind you something that everybody knows: you haven’t given it away as long as you retain title to it. So, a step that you’ve got to take when you’re going to give away wealth is to really give it away. And, I believe that you should give it away, when you decide to give it, with no strings attached.

You’ve got to remember the underlying financial principle of stewardship, and that is God owns it all. So, He’s given you an opportunity to use whatever it is that you have in your hands at this point, for some brief amount of time, but He ultimately owns it all.

So, when I think about transferring title, what I am thinking about is that I am transferring the stewardship responsibility to the next generation or the next person or the next organization. And I need to literally transfer the title. A lot of people get hung up at this point, because they don’t want to give it – they still want to control it, and they don’t want to give it up.

One of the most difficult things to do is to transfer title to the family business to whomever is going to run the family business. We don’t have time to get into all of that right now, but ultimately you’ve got to literally make the title transfer, or you’re still retaining control over it.
Question: How do I go about transferring ownership of family property or family business? (Title Decision)

Click here for the August 14, 2009 Blog Entry