3 questions, 3 resources, and 3 Scriptures to help your family become generous across generations
Read more about Next Gen giving
The majority (62 percent) of Curren Gen wealth holders (Baby Boomer and older generations) feel that they’re prepared to transfer wealth to their heirs, but only 39 percent of their Next Gen wealth inheritors agree. There is a significant disconnect in generational communication about wealth transfer.
Let me paint a picture of how this disconnect might have come about. Let’s say John and Mary Smith have stewarded their wealth over decades and have spent time praying together and talking through finishing well. They’ve set up their succession plan, and their financial advisor knows the details of how their wealth is to be distributed. Jim and Laura, their adult children, know that a plan is in place, but they don’t know much more than that. John and Mary have a plan and a clear understanding. They created it. But Jim and Laura are in the dark.
What’s the missing piece? Our new research tells us that the Next Gen feels their voice is missing from their family’s financial decisions. Is that a missing piece in your family’s planning, too?
Does the story of the Smith family sound familiar? Right now, we’re shifting into the summer – children are moving up a grade, many are graduating, and new seasons are beginning. Maybe this is a great time for your family to find out if everyone is on the same page. Having some harder conversations now can make things easier in the long run.
It may feel like folly to set up a plan, knowing that God may change it. The Bible is full of stories about people making plans and God changing their course. Proverbs 16:9 reminds us, “In their hearts humans plan their course, but the Lord establishes their steps.” As you think about your legacy, keep God at the center and let Him direct you.
Here are some questions to ask, some solutions to help, and some Scripture to guide you as you work to ensure your family is communicating well about giving and wealth transfer.
Questions to ask:
1. Have you created a plan for transferring your wealth to your heirs?
2. Do your children have a voice today in your family’s giving?
3. Are your heirs equipped to receive their inheritance?
Solutions to help:
Create a succession plan for your Giving Fund
If you haven’t set up your succession plan as part of your overall legacy planning, take some time to do this today. This will provide clear guidance to our team about how you and your spouse would like us to distribute any remaining balance from your Giving Fund after your lifetime. In just a few steps, you can help establish a legacy of generosity that will bless your loved ones, support the causes you care about, and continue to advance kingdom work.
Create your Giving Strategy™
Our Giving Strategy will help you see how giving can transform every aspect of your generous legacy. It will help you set a biblical foundation, evaluate your legacy, incorporate your family, evaluate your causes, and help you make the most of your wealth and resources.
Open a Giving Fund for your children
You can add children to your existing Giving Fund, or you can encourage them to open funds themselves. You can fund them with a fund-to-fund transfer and even set up your succession plan to distribute to their funds after your lifetime.
Scripture to guide:
Here are a few verses that speak to faithful stewardship of God’s provision. Take time to read and pray through them together as a family, across generations, inviting God’s Word to shape your hearts and your conversations.
- Everything is the Lord’s: Psalm 24:1-2opens in a new tab
- Be generous with what God has provided: 2 Corinthians 9:8-12opens in a new tab
- Be rich in good works: 1 Timothy 6:17-19opens in a new tab
I pray that these resources will help your family become more generous and bridge any gaps between generations.