A blessing for your estate planning efforts
1 Timothy 6:17-19
Estate planning involving a family-owned business is a difficult endeavor. You are contemplating the future of the business you built, which is a big part of your legacy. You are thinking about your long-term employees, taking into account your children, and perhaps even grandchildren, some of whom may work in the business. You are trying to be fair with those you love, knowing that equality is elusive and many assets are illiquid. You are attempting to legally protect what you’ve created while simultaneously managing multiple levels of taxation. It’s no wonder people avoid the process or get stuck. Planning for your demise is hard work!
Done well, however, effective estate planning can be a blessing to many people both in and beyond your family. Consider the following blessing if you are beginning, or working through, the eventual disposition of your estate. (To listen to the blessing, click here.)
There was a time when having more seemed necessary for your family’s survival. A time when more customers, products, land, or locations Would equate to financial stability and independence. You were striving to succeed Solving problems and serving others Pursuing goals fueled by your passion And along the way you built an enterprise. You created financial margin in your life Your work indeed provided for your family. Yet having more created a new set of challenges A level of wealth for which you had no training. How much is enough for tomorrow? How much should we give away today? How might our children best be helped, and not hurt, by our wealth? Now, as your resources have surpassed your needs The time has come to gift to others the fruits of your life’s work. As you plan for your estate May God grant you wisdom as a discerning steward of your family’s prosperity To know what others value, and when and how to bestow such gifts upon those you love. May you aptly convey the many sacrifices that marked your success as a leader While asking your children to forgive your mistakes and faults as a parent. If continuing the business, may future generations find fulfillment together as partners Or if not, may you now provide the tools to help them amicably end their business affiliation. Finally, may you encourage future generations to use your family’s resources to bless others By offering people meaningful work, by sowing generously, and by giving cheerfully.
As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy. They are to do good, to be rich in good works, to be generous and ready to share, thus storing up treasure for themselves as a good foundation for the future, so that they may take hold of that which is truly life. (1 Timothy 6:17-19)
Prior blessings: For a family business gathering, upon the passing of a family business member, for rest, for the next generation’s return, for the senior generation letting go, and for the new year.