By: Richard Carnes- President & CEO
Do you know that the average person’s net worth consists of 9% in cash and 91% in non-cash assets (home equity, life insurance, retirement assets, investments and business interests)? Do you know that 60% of Americans die without a Will, and of those who do have one, 70% have not reviewed it within the past three to five years? Do you also know that Americans are currently in the midst of the largest ever generational transfer of wealth? Estimates project that $41 trillion will pass from one generation to the next during the period of 1998 through 2053.
In view of this data it is vital for each of us to be faithful in our “estate stewardship.” As Christian Stewards (Managers) we should hold certain convictions regarding the resources God has entrusted to us for our use and oversight:
1. God is the creator and owner of all things, and we are instructed to be God’s managers.
2. How we plan our estates likely will be the single most important act of financial stewardship we shall ever make.
3. Through thoughtful estate stewardship, each of us can care for our families and impact the world for Christ.
Whether we are considering our estate plan for the first time or reviewing plans already in place, we benefit from identifying our objectives, approaching them realistically, and avoiding hazards through seeking knowledgeable counsel. Appropriate counsel helps us know where to begin, what to look for, and what we might expect in the process. Ultimately, we can turn this stewardship task into effective, God honoring plans that support and provide for our families and support the building of God’s Kingdom.
The Kentucky Baptist Foundation staff stands ready to assist you by providing private estate stewardship consultation. You may contact the Foundation’s trust counsel, Laurie Valentine, or me at our toll-free number (866) 489-3533.
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.