Estate Planning vs Legacy Planning

Estate Planning vs Legacy Planning

I have been very intrigued by the content in this month’s Kingdom Advisor’s study group centring around legacy and the importance of having an impact beyond my lifetime. Everyone was challenged with the difference between estate planning and legacy planning. In particular, legacy planning not only represents a change in terminology, but it changes the lens through which we see things. Specifically, estate planning has a one-generational focus (transferring wealth to your heirs) while legacy planning looks to impact 5-7 generations (transferring values to multiple generations). That requires a bigger vision and a broader perspective than advisors or clients typically focus on.

Financial professionals are uniquely positioned to invest in the lives of clients. I know as an advisor my discussions focused more on Estate/Wealth Planning rather than Legacy Planning, so this study stretched me to expand my thinking.

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My parents are presently visiting with us and this past weekend our son and grandson visited, so we had four generations in our home. My Dad shared stories with us about how his faith and relationship with God were developed as a young minister and also the impact his own father had upon that faith. Most of these stories I had heard before but my son and daughter-in-law listened intently while baby Ernest slept through it all. I thought how important this time was and wondered if generations yet unborn would benefit from hearing the same stories. To see how God was active in the lives of my parents and grandparents helps to inspire my faith so I am sure it can impact others.

4generationsThink about the business of family for a moment – isn’t it truly about legacy planning?

I will teach you hidden lessons from our past–stories we have heard and known, stories our ancestors handed down to us. We will not hide these truths from our children; we will tell the next generation about the glorious deeds of the LORD, about his power and his mighty wonders. For he issued his laws to Jacob; he gave his instructions to Israel. He commanded our ancestors to teach them to their children, so the next generation might know them–even the children not yet born–and they in turn will teach their own children. Psalm 78:2-6

These verses instruct families specifically to focus on legacy planning which is clearly beyond one generation. I encouraged my Dad to write these things down so the events of his life could be passed on to the children not yet born. That way, his life reaches beyond his years lived on this earth. Many people may feel estate planning is just for those who have wealth, but legacy planning is for everyone.

Ron Blue provides some excellent advice in his book “Splitting Heirs,” when he describes the “Wisdom Principle” which is to “transfer wisdom before wealth. Wealth never creates wisdom. Wisdom may create wealth.” If you think about it “wealth” is the focus of estate planning, while “wisdom” is the focus of legacy planning.

We need to think deeper about the time we are each given. We all have 24 hours per day, and 168 hours per week. On the topic of stewardship Ken Boa says,

“What differentiates people isn’t the amount of time available to them, but the manner in which they exercise their gifts and talents within the available time. We can waste time; we can spend time; or we can invest our time wisely. That’s what stewardship is about: faithfully developing and using our gifts, talents and resources within the amount of time God has allotted to us.”

We have time in an equal measure, but we must be intentional about how we spend it or invest it. The fact is that we often just spend our time when we should be investing it.  Talents are not in equal measure to everyone. We are unique and each has different gifts. Our focus tends to be more about using these gifts to grow wealth and much less  about the growth of our heirs.

Thinking beyond our life can be very challenging because it stretches us outside of our normal pattern of thought. Maybe our perspective needs an adjustment so we consider more the impact we can have upon “the children not yet born.” That takes intentionality and a shift of focus. Our efforts must move toward transferring our values and wisdom  as a guide to govern future generations and less effort on accumulating and transferring wealth. It seems if we get the legacy planning right, the estate planning will be so much easier.

The accumulation and eventual transfer of wealth is a major part of financial planning. If we fail to give proper attention to the legacy planning, we have truly missed the reason that we were entrusted with the wealth in the first place.

Are we spending our time creating something that will only benefit one generation? Can we be more intentional in our investment of time and leave a legacy that extends 5-7 generations?

Are You Hearing But Not Understanding?

Are You Hearing But Not Understanding?

Just over two years ago, I had surgery on my shoulder and I now visit a specialist every six months. Recently, I had another visit and I usually take my wife with me to help me understand since the doctor has a very strong French accent. Even though he speaks English, it can be very difficult to grasp the meaning of his words. During the appointment, he asked a question, but we just looked at each other bewildered because neither of us understood a word. He repeated it with the same result. He was saying “Ohh-ta-wah” in such a way that when it was placed in a sentence, we just couldn’t understand. After stating it the third time, we both realized he was asking if my surgery had been done here in Ottawa.

Have you ever heard someone but not understood what they said?

yesbymagnet_1Sometimes, language or dialect can be a barrier to understanding. I recall when we had friends from Ontario visit us in Newfoundland and we had a conversation with some locals. Our friends heard us speaking, but did not understand. Maybe I shouldn’t be shocked because the very tone of the common phrase, “Yes b’y,” actually changes its meaning.

The effort required to hear a sound compared to the effort required to process it, is exponential. Understanding is logically the step that follows hearing, unless, of course, it involves a politician.

prime-minister-trudeauPoliticians typically only say what they want us to hear and we have to dig deeper if we desire to get the entire meaning; otherwise our perspective remains limited. For example, the Trudeau government often claims it has cut taxes for middle-class Canadian families. A recent article helped me understand that while it did reduce the second lowest federal income tax rate (from 22 to 20.5 per cent), it also eliminated a number of tax credits, thereby increasing income taxes for Canadians who previously claimed such credits. Result: 81% of middle-class Canadian families with children are paying more in personal income taxes.

The Liberals quickly speak of reduced tax rates, but the elimination of tax credits enlightens our understanding of the issue. What we comprehend about any issue or even a person, depends on what we hear (and read).

perspectiveIf you think about it, the perspective from which you see things can be the very obstacle that prevents you from seeing another point of view.  (Doesn’t this graphic resemble a political debate? It totally depends on which side you are on).

The Bible has some interesting things to say regarding understanding:

  1. One instruction is to not depend on your own understanding. Maybe one of the reasons is that our own understanding limits our ability to understand others.
  2. Also, “By understanding He (The LORD) established the heavens.” What did God understand?  Was it an understanding of the power of sound and what is formed from vibrations? Maybe the reason God spoke was to cause vibrations to form the earth. What did He establish? Heaven represents an eternal dwelling place for believers. If God is an example for us then, the purpose of understanding is to establish something that is eternal and meaningful to others.
  3. Mankind has the capacity to understand the deeper things that are buried within a person. The purpose in a man’s mind is like deep water, but a man of understanding will draw it out.  If you think about your work, it may be important to understand others to bring clarity to them. Financial professionals can actually be a key to help clients see their inner purpose, why they have so much, or even why they have faced some troubles in life.
  4. By faith we understand that the entire universe was formed at God’s command, so that what we now see did not come from anything that can be seen. Faith is not the opposite of reason, but actually a higher dimension of understanding. Think about the dreams within a person; they are actually unseen until exposed. If it is a dream of writing a book, it exists only in the mind of the author and only becomes visible when written.

In our work we should:

  1. realize “our own understanding” can be limited and should not always be relied on
  2. know we are called to establish something eternally significant through our lives
  3. understand others to expose the purpose that is often hidden deep within a person
  4. identify that faith can add a higher (or deeper) level of understanding

UnderstandingIn a conversation, an accountant told me he keeps his antennas raised when in discussion with clients. Since mankind is spiritual, our spirits are meant to be active and sensitive, which leads to an understanding of others. It is the spirit in man … that makes him understand. This depth of understanding is the requirement to draw out purpose.

In our efforts to understand others, how often do we simply rely on our own thoughts?  By ignoring our inner person (not having our antennas up), are we missing the greatest opportunities to explore the deep waters (purpose) hidden within others?

 

 

 

Why are Thoughts and Prayers Insufficient?

Why are Thoughts and Prayers Insufficient?

The headline in the National Post read:

‘Your thoughts and your prayers are insufficient’: Jimmy Kimmel tearfully calls for gun control

Is America’s national Thoughts and Prayers Strategy (TAPS) no longer working? That is a question raised in an article in Maclean’s magazine making statements which can be disturbing to the Christian community.

Here is one example: Unfortunately, there is growing evidence that TAPS may not be delivering the results we would expect from appealing to an omniscient and all-powerful deity.

In other words, thinking about others and praying to God is simply not effective and the results are not clearly evident. We ought to think more about what is really accomplished through “thoughts and prayers” because it seems to be terribly misunderstood, especially in light of recent incidents of violence.

The power of thinking is impactful on the person having the thoughts and only impactful on others when those thoughts are expressed.  Many have probably quoted the proverb that says, “For as he thinks within himself, so he is.” If a person then, is consumed with thoughts of murder and killing, and those thoughts are not taken captive, they will eventually be acted upon and that person can become what was thought about. I would suggest that this is exactly what takes place when murderous acts happen; the thoughts transform the person to become what he is thinking.

The idea expressed in the Maclean’s article is that the thoughts and prayers of US congressman are somehow supposed to alter the behaviour of the American people. Let’s get it right; the thoughts and prayers are to comfort after an event like these incidents  (Las Vegas, USA and Edmonton in Canada) and should not be trivialized.  Maybe it is true that the thinking around gun control needs to change in order to make America a safer place, but please don’t diminish the effectiveness of “thoughts and prayers” for the people impacted by these sorts of incidents.

A most challenging statement for many Christians is this one: This data is very surprising when you consider the power of beseeching God. You would think parting the Red Sea, or smiting the Egyptians with a plague of frogs, would be far more difficult than just reducing gun violence. It is worth noting, however, that most well-known examples of successful celestial intervention in earthly affairs are over two millennia old.

Pray for LVHe goes on to cite the reasons for the non-response from God, which could be denominational, or we are not praying enough, or the wrong people are praying, or praying wrongly (kneeling or not, with eyes open or eyes closed).

When I read these statements it upsets me because in my 50+ years on earth, I have seen God’s intervention. As a matter of fact, without it I would have only been here for 5 years because meningitis would have taken my life. We need to think deeper about the true purpose of prayer.

“Prayer does not change God, but it changes him who prays.” – Soren Kierkegaard

From this quote, we see the focus is really about bringing change within the person who prays. Therefore, the focus of “thoughts and prayers” is actually more about changing the thinker and pray-er rather than those being thought about or prayed for. However, I certainly can testify that both can be transformed by prayer. I wonder if we have really missed the true power of prayer and thereby dismissed its effectiveness. Isn’t prayer about relationship with God, communicating with Him regularly rather than someone we call on only in crisis? Relationship with God through prayer is meant to change us. When prayer changes us, that’s when we can be an influence for change.

Just think for a moment about what God said when he created earth and also man. He said, “Let them (man) rule over the earth.” Mankind has been placed in a position of authority and influence by God, within nations to effect change as it is needed.

“Is prayer your steering wheel or your spare tire?” – Corrie ten Boom

Think about it –  we often use prayer to God as a spare tire. When there is a major incident or crisis, we call out to him. Prayer is meant to be our steering wheel which actually sets our course. It is meant to be part of our lives daily, not just when we have a blow out.

Does God intervene today? Maybe someone like paraplegic Joni Eareckson Tada, who had her neck broken as a teenager is much better qualified to answer this question:

“God permits what He hates to accomplish what He loves”

She calls suffering “a splash of hell” but maintains that a “splash of heaven” can be found through intimacy with Christ in the midst of it. And she can say so because she has found it to be true. The first part of that statement is strikingly similar to Jimmy Kimmel’s statement, “It feels like someone has opened a window into hell.” The problem is most are missing the “splash of heaven” since intimacy with Christ only comes through “thoughts and prayers” on a regular basis, not just at times like this.

What influences your life most? The splash of hell? Or the splash of heaven?

The Power of Sound

The Power of Sound

I had the opportunity to speak recently at a local church and chose to talk about the impact of our words. In essence, I began to walk through what words actually become as we speak them and the potential impact of those words on those who hear (including ourselves).

I quickly referenced Job 4:12-14 to demonstrate the path words take within us and how they are able to impact us. “A word was brought to me in secret; my ears caught a whisper of it. Among unsettling thoughts from visions in the night, when deep sleep descends on men, fear and trembling came over me and made all my bones shake.” We are truly complex creatures and what we hear impacts us more significantly than we realize.

If you look closely this verse reveals what words become:

  1. Firstly, “a word” was heard or became a sound.
  2. Then came “unsettling thoughts
  3. And “visions in the night,
  4. Which developed into “fear and trembling
  5. Finally it “made all my bones shake.

All this disruption came because of a whisper in the ears. How is this even possible?

The Power of Sound

Until I did some research, I didn’t realize that sound actually creates, organizes and forms all the basic fundamental shapes found throughout the known universe. For more than 50 years, scientists have proven this to be true. Interestingly, these forms are referred as “Sacred Geometry,” which is said to be a discovery of man, not his invention.

Take a look at an amazing video demonstrating the effects of sound being played underneath sand pebbles on a metal plate. The sound causes them to move and organize into geometric shapes and the higher the frequency the more complex the shapes (just watching for a minute will illustrate).

 

Sound is a type of energy made by vibrations. So if you think about throwing a rock in still water, the resulting rings of waves are similar to the effects of sound. It is interesting that irregular sound waves create noise, while regular repeating waves create music.

Researchers have also discovered that we pay more attention when an emotion (such as happiness, sadness or anger) is expressed through vocalizations than we do when the same emotion is expressed in speech. So sound itself then, may be more powerful than we typically give it credit. Have you heard the proverb: “a joyful heart is good medicine?” If you stop and consider how joy is expressed, it is usually in the form of laughter (maybe some of the healing is through the sound itself).

Consider our lives at times; there can be so many different inputs with emotional attachments (like anger and frustration) and the result is often noise. Joy, on the other hand, is medicine because it produces regular repeating sound waves, having an impact that is like music to our ears!

Elba Mueller explains the Power of Sound  by referencing one of the most amazing experiments, conducted by Doctor Masaru Emoto, who gained worldwide acclaim for his groundbreaking research and his discovery that water is affected by vibrational sound in some very surprising ways.

When I read this, my immediate thought was about creation (in Gen. 1), when “the Spirit of God was moving over the surface of the waters.” I’m thinking those waters were affected by the vibrational sound because “God said.”  It seems the sound of God’s voice resulted in the earth changing from empty to being filled.

In his experiments, Dr. Emoto analyzed the formation of differently shaped crystals in water as it was exposed to different sounds in different forms. Part of his research included verbal affirmations, thoughts, music, and even prayers from a priest. He focused on verbal affirmations of love and gratitude as they were being directed toward water that was sitting in a Petri dish. He then analyzed the water under a microscope and took before and after pictures to document the change.

pay attentionDr. Emoto and his team observed that after the experiment very beautiful crystals had formed in some of the frozen water samples where the positive vibrational waves were directed. Dr. Emoto then exposed water samples to music from Mozart, Beethoven, and other classical composers and found that beautiful crystal shapes formed in these samples as well.

He also experimented with people saying things like “you fool,” “I will kill you,” and other unpleasant phrases using a harsh tone. Dr. Emoto found that ugly, incomplete, and malformed crystals were formed in the water samples exposed to these negative expressions and tones.

 

Dr. Emoto concluded that any sound is vibration, and vibrations such as music and other positive sounds including the human voice can be a form of healing energy.

Here is what I find fascinating: on a 3D level the body is more than 70% water. If crystals formed in water from sound vibrations, then it seems pretty clear that the sounds and words we hear impact our bodies. Think about your words and the tone used expressing these words. I think it is fair to say that the vibrations we make when we speak are either forming something beautiful or something ugly, incomplete or malformed in those who hear.

When you talk with your children, spouse, neighbours, clients or colleagues; what impact is the sound of your words having? Are they building up or tearing down?

 

Is God Really In Control?

This is truly an important question to address. Recently, I read the following statement in a devotional: God is sovereign, meaning God is in complete control of everything. I think most believers in God would tend to agree with this statement, especially since we have heard preachers make similar declarations. However, I believe there is a big difference in God being “sovereign” and in God being “in control.”

There is actually a significant distinction between these two terms “sovereign” and “control” that needs clarification. When you consider the attributes of God “control” is not one of them, but “sovereignty” definitely is.  Here is an example to help clarify: Canada is commonwealth nation and as such recognizes the Queen as sovereign, yet she is not really part of the government that rules (controls) the country. Interestingly, to call an election though, government leaders have to first meet the the representative of the Sovereign or the Lieutenant Governor. In essence, while the Queen is sovereign, she’s not in a position of controlling policy or the everyday affairs of governing.

commanding officer

Here is another example: Consider the command of a naval ship; the command is vested in the Commanding Officer (CO) for the direction and control of the ship. The CO retains this authority at all times. Control is the authority that is vested in the CO to give orders pertaining to the operations of the ship. Obviously, because of human limitations, the CO may delegate charge and control of some particular aspects of the ships operations to one or more officers (such as Executive Officer or Officer On Watch), but the CO always retains command. Now this is certainly a human example, but it can help bring an understanding to this issue of control. The CO is always in command (sovereign), but at times delegates control of the ship, which in no way reduces his authority.  In the same manner God is always sovereign, but delegating control (to man) does not reduce his authority over the earth.

Think about creation when man was made in God’s image: man was given charge, dominion, authority to rule the earth. There is no doubt that God (the Commanding Officer), gave the earth to mankind (see Gen. 1:26 & Psalm 115:16b). Now let’s be clear, “the earth is the Lord’s” (Psalm 24:1) and He remains sovereign over the earth despite man having received dominion over the earth. Control is different than sovereignty.

In my last blog, I quoted 1 John 5:19 in reference to the story of Dunkirk because it can be most difficult to believe that God is in control while some people were rescued from the shores while others who were just as loved died on the beach. The verse says this: “we know that we are children of God and that the world around us is under the control of the evil one.” This is a very important verse and one that many struggle to understand: the world we live in, is now actually controlled by the the evil one. Yet God is sovereign and in still in command.

Interestingly, whenever a CO delegates control, the CO also indicates: the aspects delegated, the duration for which control is delegated, and the limits which apply to the delegation. Now, consider the story of Job, when the ‘evil one’ comes to God about Job, God (CO) grants control but speaks to the aspects, the duration and applies limits. How many times have we held God responsible for things that happened, when in fact, it was an act of the evil one, or even consequences of our own actions? We know the end of Job’s story, God remained sovereign (in command), but delegated control for a limited time. In fact, the LORD gave him twice as much as before!

The whole issue of sovereignty vs. control can be beyond our human comprehending. Hopefully, this explanation is helps us understand that when we are faced with difficult circumstances, and things seem completely out of control, we can still trust God Who is sovereign.

Sacred Call to a Secular Work

There are so many choices and opportunities when it comes to a career. It seems that “calling” is required to be a pastor or missionary, but not necessarily for a businessman,  fireman, teacher, lawyer, doctor, etc.

Let my experience provide some deeper insight: As a teenager, I felt a “call” on my life and the best way I could interpret it at the time was to become a pastor. My response was to attend Bible College and I recall during my first year having my Bible open to 2 Timothy 4 and I read daily, “Preach the word; be ready in season and out of season … endure hardship, do the work of an evangelist, fulfill your ministry.”  I entered full time ministry in 1986 and felt like I was living out the sacred call on my life. Just 3 years later, I was invited to be youth pastor in a church, but never had the opportunity to do so since that church split! This was a major crisis for me (maybe the part of my call to endure hardship), which eventually led to my accepting a job selling life insurance (a secular work). My passion was to continue serving in church ministry but I needed an income, so the job provided financially.  I continued volunteering in church ministry which led people to draw a comparison to Paul making tents while his “calling” was to declare the gospel.

In my last blog I stated, “The mistake we often make is in categorizing our work as secular, separating it from the sacred, rather than sensing the pleasure of God in our work.”

missed callMy perspective was that my work as a financial advisor was not necessarily a “calling” but just a job (secular), while my “calling” as pastor was my true work (sacred). Can you sense the inner turmoil I was feeling? Had I missed my “calling” or was it possible that I could actually live it out by being a financial advisor? Did I have the wrong perspective to start with? Should I have even separated the two – the sacred and the secular?

Reflecting back on the 2 Timothy 4 reference, as a financial advisor, I certainly felt “out of season” when it came to being able to “preach the word.” However, another translation (HCSB) instructs “proclaim the message” which sheds a different light on that phrase.  The reality is I had many opportunities in my secular work to fulfill the sacred call. The “proclaiming” was different than I ever thought it would be because life was not the way I had planned it.

One client later confirmed, “You have more of a ministry here in this office (as a financial advisor) than you could ever have in a pulpit (as a pastor).” This helped me realize that the calling I felt was not limited to a particular role that I would have in life.

Calling QuoteSo whether I do the work of a pastor, financial advisor, director, bus driver, or teacher, you get the picture, the important thing is to be a good steward and be true to that call.

The right perspective: Your secular work is definitely connected to your calling and becomes the perfect opportunity to “fulfill your ministry!”

Have you made the mistake of separating the secular from the sacred? Are you fulfilling the uniqueness of your calling?

 

Why Do You Work? Why Retire?

My last post created a great deal of interest because it dealt with the question: “Do you go to work or to a job?” One response received was, “In two weeks I will go to neither,” meaning the reader would be retiring.

This set me to thinking further about what I stated: “It is only when you do what you were born to do will you really find fulfillment.” In reality, you can be paid to do a job and once you complete it, then you either move on to something else and/or you retire. This is where I believe your work (what you were born to do) is different than your job (what you are paid to do). Why would you ever want to stop doing what brings you fulfillment? If you were born to do something, when should you cease doing it? In other words, why retire?

In some cases, it may make sense financially to retire. Maybe you qualify for a full pension and working longer is not necessarily increasing your retirement benefits anyway. So why continue working? When I started working, it was partially out of necessity. The need for income and supporting family is a valid reason. With my children raised, my reason for working has shifted; now work is more about purpose.  I know several people who can easily retire from their work, yet they choose to continue.

eric liddell

Consider the life of Eric Liddell, a devout Christian and missionary to China, who felt it a priority to run in the Olympic games. His sister felt that his training for the 1924 Olympics deterred him from returning to China. He said, “I believe God made me for a purpose, but he also made me fast! And when I run I feel His pleasure.” We usually would not class running or involvement in a sporting activity as spiritual, or God honouring, but more a physical activity. For Liddell, running wasn’t just a fun activity but a God honouring one.

You cannot argue with a person’s experience; Liddell was passionate about fulfilling God’s purpose for him (missionary to China) yet he ran to honour God and feel His pleasure. For Liddell, the line between secular and sacred was erased.

eric olympic gold

The mistake we often make is in categorizing our work as secular, separating it from the sacred, rather than sensing the pleasure of God in our work. Here is a great piece of advice: Whatever you do, do it enthusiastically, as something done for the Lord … (Col 3:23). The reality is that when we serve others (in our work), we are actually serving the Lord, not just men (Eph. 6:7). If we can say when we work we feel His pleasure, it will be most difficult to retire from that work.

Speaker and author of “The New Retire-mentality,” Mitch Anthony says, “Don’t retire from something but retire to something.” We are all born with purpose and if you are at the retirement stage, remember it can be a great opportunity to feel His pleasure!