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Five Principles of Inheritance

12 months ago By Bill High

It’s one of the most common questions I get asked: “How much should I leave my children?” Although the Bible is clear that a good man leaves an inheritance to his grandchildren (Proverbs 13:22), the Bible doesn’t prescribe what that inheritance should be or how much the inheritance should be. However, there are at least 5 principles of inheritance from Scripture that deserve attention. Principle One: It’s Your Responsibility to Provide Order. Sometimes in a planning conversation, I will hear a parent say, “Well, what do I care? I’ll be gone. My kids can figure it out.” When King David…

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Advisor

David Green – The Way of Living Generously

12 months ago By Bill High

What would you do? In 2012, Hobby Lobby faced a critical, company-ending decision. They could either face fines of $1.3 million per day or provide abortion-inducing prescriptions as part of Obamacare. The latter option was against the religious and moral views of David and his family. In Giving it All Away and Getting it All Back Again: The Way of Living Generously (Zondervan 2017), David Green recounts his US Supreme Court struggle. He tells how his family chose to stand by what they believed, knowing it might cost them the company. Their journey of faith took them to the edge:…

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Ministry

How Tax Reform Could Impact Charitable Giving

1 year ago By Bill High

As Congress works to implement tax reform, much of the focus has been on business and personal income tax relief and on simplifying the code.  But in the flurry of activity between proposals and counter proposals, there’s been little coverage related to the charitable deduction.  I received an email the other day from a colleague who has been active on Capitol Hill, offering some analysis: Some of the proposals have argued for raising the standard deduction to $12,000. Currently 33% of tax filers itemize. This group essentially doesn’t pay taxes on what they give. If the standard deduction is doubled,…

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Family

5 Ways to Build Your Family Legacy at the Holidays

1 year ago By Bill High

The rush of the holiday season is almost upon us. For me, this means my college-age sons will hit the scene for a few days at Thanksgiving, then return again for a few weeks at Christmas. It’s a marvelous time to reconnect with them, my daughters and extended family as well. But it all seems to go too quickly, and before you know it, we are back into the thrust of a new year. Even with the busyness of the season, the holidays offer a critical time to work on building your family’s legacy. What do I mean by legacy?…

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Advisor

Business Sales: A Better Way

1 year ago By Bill High

In 2016, Americans sold 7,842 businesses—whether through asset sale or stock sales. That number is expected to go up in 2017. Why so many sales? Business sales are skyrocketing for a number of reasons. A robust economy and thriving businesses have raised sale prices to an all-time high. Additionally, as business owners age, they want to retire and move on to the next adventure. Low interest rates and a favorable financing environment also contribute heavily. Many of these sales will occur at year end. But they shouldn’t. Let me explain. Most business sales occur without consideration for the tax consequences. The tax bill…

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Family

5 Great Books on Family Legacy

2 years ago By Bill High

I’m often asked about the subject of Family Legacy. Some questions are resulting from the book I recently wrote with David Green, Giving it All Away and Getting it all Back Again: The Way of Living Generously. Family legacy is much more than preparing a set of estate documents that transfer assets to children and grandchildren. Family legacy is about the stories and values that we leave for generations to come. Genesis 17.7 says, “And I will establish my covenant between me and you and your offspring after you throughout their generations for an everlasting covenant, to be God to you and to your offspring…

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Family

Am I Required to Leave My Grandchildren an Inheritance?

2 years ago By Bill High

Leave an inheritance to grandchildren? Steve was incredulous. He’d never considered it. Yet when he read Proverbs 13.22, it was like he’d read the verse for the first time: “A good person leaves an inheritance to their children’s children, but the sinner’s wealth is laid up for the righteous.” So Steve went out and changed his trust to provide an inheritance to his grandchildren. But is that what Proverbs 13.22 requires—to simply leave money to your grandchildren? In context, Proverbs 13.22 is about more than just money. Instead, it’s about the quality of your life: a good person. Some versions translate it as…

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Family

Why You Should Talk with Your Kids About Money

2 years ago By Bill High

There’s a remarkable gap in the conversation between parents and their kids regarding money. These days, more than ever, parents find it necessary to talk with their kids about drugs, sex, music, even politics. Yet the subject of money still remains alarmingly low on the list of topics. Sure, I know many of you will talk to your kids about budgeting. You might even discuss credit cards. But what about discussing family wealth, family income, and estate plans? Some parents have shared with me that they are embarrassed to talk with their kids about their net worth. They don’t want…

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Family

Your Foolproof Guarantee to Happiness

3 years ago By Bill High

We spend most of our lives waiting for our “when.” When I get that promotion.  When I get that new house. When I get the kids in preschool. When I get the kids off to college. When I win the lottery. And so it goes. The idea is that whenever I reach my “when,” then I’ll be happy. But there is in fact a guaranteed foolproof way to happiness. It comes without regard to how much money you have or where you live. Curious? There are two new published works[i] coming out of a five-year intensive study from the University…

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