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Happy Estate & Gift Planning Awareness Month: A Good Man Leaves an Inheritance to His Children’s Children

Estate and Gift Planning Awareness Month; It is Time to Protect You and Your Family

The vast majority of our adult population does NOT have nor realize the importance of not having a current or up-to-date estate and gift plan to protect themselves, their family and their assets; that can include most of your family, friends, and colleagues. Young folks do not see the need and understand why they should have an up-to-date estate and gift plans!

Estate and gift planning is a financial process that can protect you and your family and is a very important component of your overall financial planning.

“Without an estate and gift plan, when you pass away, your affairs will be settled by default through a complex legal system dealing with “intestate succession and probate.”

Now is the perfect time to put your estate planning house in order. If you don’t have an up-to-date estate and gift plan and you happen to get hurt or sick and cannot manage your health or financial affairs, the courts will have to appoint someone to manage them for you. The person appointed might not be the one you would want to perform those tasks.

This takes us to the Bible! Proverb 13: 22 reads “A good man leaves an inheritance to his children’s children: and the wealth of the sinner is laid up for the just.”

Are you a good man?

If you consider yourself a good man or a good woman, what do you think about this scripture?

A good man leaves an inheritance not only to his children but to his grandchildren. This means such a man toiled during his life and used the earnings of his toil not only to clothe, feed, and shelter himself and his family, but also used it to increase his help to others. His labor spilled over and his substance multiplied.

This man did not just leave material wealth for his children’s children. He also left with them the wisdom to use it wisely, and to continue to grow the wealth for their children and grandchildren.

When one leaves the earth and they have left good or great fortunes for not only their children but their grandchildren and great-grandchildren; it speaks to their diligence and carefulness they took with what God gave them during their lifetime.

The sinner is not so! They either spend recklessly and aimlessly, or they selfishly stored up their money. They hated their children and thus do not impart wisdom to them. Thus they do not leave them a healthy inheritance.

Therefore, all their riches get consumed or taken over by the government when they transitioned.

Prepare now for what you will impart to your children and your children’s children!

Happy Estate & Gift Planning Awareness Month to you and your families.

Register to join our press conference on Monday to learn more about Estate and Gift Planning and how you can build and leave a legacy.

Register here:

https://bit.ly/EstateandGiftPlanningCon2022

Speakers:

Author

Peter Asare Nyarko

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Welcome to your Some Questions to Ponder

1. 
. PAPERWORK In an emergency, could someone in your family quickly find your important papers— birth certificate, bank account records, health care directive, insurance policies, credit card records, will, etc.?

2. 
NET WORTH Do you know your current net worth and how you hold title to your various assets?

3. 
CASH FLOW MANAGEMENT Do you have enough cash available (in bank accounts or easily cashed securities) to cover yourself and your family for at least six months of no work?

4. 
BUDGET Do you and your family have a useful, written monthly budget?

5. 
EXPENSES Do you think you’ll be able to pay ‘all your bills’ on time every month for the next 12 months without a paycheck?

6. 
EMPLOYMENT BENEFITS Do you understand and, if appropriate, utilize all your employment benefits to your advantage?

7. 
GOALS Do you know what’s really important to you; and have you written your personal and financial goals for yourself and your family?

8. 
FINANCIAL INDEPENDENCE/RETIREMENT Do you know when you expect to be able to retire / become financially independent?

9. 
FINANCIAL INDEPENDENCE/RETIREMENT Do you know how much income & assets you will need to enjoy your retirement years; to live a quality life, including any special gifts or bequests to family, friends and nonprofits?

10. 
FINANCIAL INDEPENDENCE/RETIREMENT Have you calculated the amount of money required to reach your financial goals?

11. 
MAJOR EXPENDITURES - Have you thought about and made a list of major expenditures you can expect over the next five years and where the money will come from to pay for them?

12. 
INVESTMENTS - Do you think your current investment plan(s) will meet your retirement needs?

13. 
TAX DEFERRAL Do you think you are making the best use of tax-deferred investment plans for retirement?

14. 
TAXES Do you know the income tax rates on your last earned dollar?

15. 
INSURANCE / RISK MANAGEMENT Do you think you have the right amount of insurance— life, health, disability, long-term-care, auto, home/renter’s, fire/flood/earthquake, liability, etc.—not too little, but not too much?

16. 
ESTATE & GIFT PLANS Do you and your family have current wills?

17. 
POWER OF ATTORNEY Do you and your family have a current Power of Attorney?

18. 
ADVANCE HEALTH CARE DIRECTIVE Do you and your family have a current Advance Health Care Directive?

19. 
CHARITABLE GIVING Are your favorite causes or nonprofits included within your estate & gift plans for a bequest, planned gift, or as a primary or alternate beneficiary for life insurance or retirement plans?

20. 
TRUSTS Do you know the advantages and disadvantages of using trusts?

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