The greatest wealth transfer in modern history has begun—How can you make the most of it for your family and God’s Kingdom?
July 15, 2021 |Lawrence L. McCooey
I recently read an article in the Wall Street Journal that said, “the greatest wealth transfer in modern history has begun.” A statement like that certainly makes you take notice.
The author went on to explain that at the end of the first quarter of this year, Americans who were 70 and above had a combined net worth of nearly $35 trillion. Their total wealth was equal to 157 percent of the U.S. gross domestic product. That’s more than double the proportion of 30 years ago. All of this accumulated wealth is already beginning to be disbursed to heirs and others—increasing economic activity and charitable giving. So, you may be wondering, how can you ensure that this wealth transfer produces the greatest possible impact for your family and the Kingdom?
There are many factors to consider, whether you are the giver or the recipient of wealth. If you fall into the “giver” category, you’ll want to make sure you have a biblically based gift or estate plan so that you are giving in the most tax-advantageous way. By prayerfully creating a clear plan, you can maximize the amount you will give to your heirs and to the Kingdom. For instance, your plan might include charitable giving instruments like a donor advised fund, a charitable gift annuity, or endowment in addition to your will or trust. A comprehensive plan like this can help fulfill your desire to take care of both your family and the ministries you love.
If you are an expectant heir, you’ll also want to plan the most effective way to handle the funds you will receive. Proper planning can help you minimize your tax bill so you can maximize the impact of your inheritance for your family and the Lord’s work. By using a variety of charitable giving instruments, you will not only save on taxes, but you can also continue a legacy of giving to your own future heirs.
No matter what stage of life you’re in—giving an inheritance or receiving one—it’s important to have a well-thought-out plan in place. Orchard Alliance is here to help. Our team of experienced gift and estate design consultants will work with you to craft a biblically based plan without cost or obligation. We are here to walk with you in your stewardship journey and equip you with the right tools and resources you need to do immeasurably more with what you have been given.
We look forward to serving you.