The Stewardship of Wealth Transfer

Ron Blue of Kingdom Advisors is doing some important teaching for the many Christian advisors who are part of this excellent organization. This month the focus is on wealth transfer with the key question: "How do you decide how much to leave to whom?"

As stewardship officers, we don't have the training or certifications to allow us to work on the specific documents, nor can we be fully objective in posing the question about how much is being left and to whom and why.

We can, though, ask general questions that might cause our donor friends to see the need to do some deliberate and structured thinking with someone who is skilled in this area.

Ron made keen observations about the difference between wealth transfer and estate planning. In general, wealth transfer focuses on the needs of the beneficiary whereas estate planning is focused on my needs to minimize taxes. Also, wealth transfer can begin now, whereas estate planning only comes into play after we're gone.

There are only three destinations for our wealth:

1. Heirs
2. Charity
3. Taxes / Expenses

There are three principles to keep in mind as we enter into these personal discussions:

1. Treasure Principle - You can't take it with you, but you can send it on ahead (Matt. 6:19-21).
2. Unity Principle - Your spouse completes you, they don't compete with you (Ecclesiastes 4:9-12).
3. Wisdom Principle - You transfer wisdom before your transfer wealth. Wealth never results in wisdom; but wisdom can result in wealth (Proverbs).

Having some of these "exploratory" questions in our mind may help the donor consider larger Kingdom ideas than they have before.

How Much is Enough?

Proverbs 30:8-9

Keep falsehood and lies far from me; give me neither poverty nor riches, but give me only my daily bread. Otherwise, I may have too much and disown you and say, ‘Who is the LORD?' Or I may become poor and steal, and so dishonor the name of my God.

When we speak to our donor-friends, there is an overarching question that runs through their minds and one that must be dealt with if they are going to be able to return to the Lord the maximum amount.

Sadly, however, our society promotes accumulation of wealth so the answer to the "how much is enough" question is not one that is dealt with. So, if we want more and more or are afraid that there will not be enough to cover unforeseen events (health care comes to mind), we and our donor-friends never get to see that we may have enough or even more than enough.

Many of our major donors are 50+ years old. They are thinking and planning for retirement. In doing so, they may make assumptions about lifestyle and future expenses that preclude them from seeing that they could be contributing mightily to the Kingdom today. They go on to reason that they will contribute from what is left over. Sadly, they never get the joy of seeing their wealth make a difference.

In order to do this analysis we should refer the donor to the Christian advisor who can help in doing the analysis. Ron Blue (Crown Ministries and Kingdom Advisors) and Generous Giving are two organizations that are committed to maximizing Kingdom impact while ensuring that the donors real needs are provided for.

We can help get the planning process started by asking a few questions:

1. What do you see yourself doing after you complete your paid work?
2. Have you and your spouse talked about and planned for "post-career" ministry?
3. What Kingdom works would you plow into when you are not tied to a daily schedule? What is it about these that blesses your heart?

Don't be afraid to ask these questions. You might be surprised at the answers and how little our friends have thought these through.

Whenever we do ask these legacy questions, we should do with grace and appreciation to the Lord for the privilege of engaging in this kind of conversation.

Leaving a Legacy

The story posted below is a shining example of a family who was touched by a school (like mine, like yours) and then provided scholarship aid through their estate. This is an example that we can share with our donors who may not have even thought about this kind of giving options.

Recently, I was speaking to friends of mine (in their mid 60's) who said that, until we spoke, that they never thought about where their "residual" would go except to their children. This kingdom-minded couple know that their grown children didn't "need" any more money and they wanted to see ministries that they care about be strengthened.

We can have some wonderful conversations from this perspective and ask questions like:

1. What kind of legacy do you want to leave? What would like to be remembered for?
2. What do you want to leave your heirs? Will they spend your money as you would?
3. What kind of impact would you like to have today (this side of the grave) vs. after you go?



Read (and share) this inspiring story!



Through generosity, their legacy lives on
By Alta Mayhugh, Staff writer
Williston Herald
Williston, North Carolina
Published/Last Modified on Saturday, December 27, 2008 9:01 PM CST

Thanks to the generosity of a former Williston couple, six organizations have received donations of $120,000 each.

On Dec. 22, the estate of Ernest and Elma Sylte was distributed among the couple’s nieces and nephews, as well as Bethel Lutheran Foundation, Mercy Medical Foundation, Trinity Christian School, Upper Missouri Ministries, Williston Council on Aging and Williston State College Foundation.

Stan Grev of rural Williston, Elma’s nephew, is an executor of the Sylte estate. He said the Syltes chose to give to the organizations because each one has touched their lives in different ways.

“Caregivers is what they were. They’ve always given to these charities,” Grev said.

A portion of the estate was given to the 11 nieces and nephews, and more than half of it was given to charity, Grev said. “They thought the 11 nieces and nephews were OK on their own,” Grev said.

Both Ernest and Elma were born in Williston; Elma (Grev) Sylte was born east of Williston. They were married on Dec. 30, 1957, and owned a farm northwest of Williston. Elma Sylte was a teacher, having taught in one-room school throughout Williams and Divide counties.

Ernest Sylte raised sheep, cattle and farmed spring wheat, durum and other grains on the family homestead and was known for taking wedding photos as well as portraits of family and friends. He died Feb. 8, 2008, at the age of 90; she died Aug. 1, 2005, at the age of 94.

Representatives of the organizations are grateful for the donations.

“I’m very respectful and appreciative of people that have this kind of philanthropy,” said Terry Olson, director of the Williston State College Foundation.

Williston State College Foundation received its donation just after the last board meeting, Olson said. Thus, it’ll wait until the board meets again to discuss what to do with the money.

Although the WSC Foundation appreciates gifts that are designated for specific uses, such as endowments and scholarships, Olson is grateful this particular gift comes with no strings attached so it can be put toward what the foundation needs.

“The nicest thing about this gift is the Sylte family felt confident that the foundation and its board would see fit to spend it. It’s very nice to to get a gift like this that’s unrestricted,” Olson said.

Jim Yockim, director of Bethel Lutheran Foundation, said its donation will be used for the new assisted-living center being built west of the El Rancho Hotel in Williston. Ground broke on the project in August, and it may be completed by fall 2009, Yockim said.

“It will add a badly-needed service to the community,” Yockim said. The assisted-living center will not only offer a place for seniors to live independently with some services, but it will also free up some housing in the community once seniors can move in, he said.

Upper Missouri Ministries will use its money for scholarships for children to go to summer camp and to replace cabins and upgrade facilities, said Nick Johnson, camp director.

“Faith was important to the Syltes. It’s a marvelous gift,” Johnson said, adding the donation will give hundreds of children the ability to experience God through the summer camp program. The camp is located north of Williston near Epping.

More scholarships will be available to children wanting to go to Trinity Christian School in Williston, thanks to the Sylte donation, said Doug Black, administrator and development director of the school.

“These people were so gracious. Even though they’re not here now, their legacy lives on. Many students will be blessed as a result of their gift,” Black said.

Copyright © 2009 Williston Herald