How can you maximize the time your family spends together and maximize the transfer of values from one generation to another?

I got thinking about this when my sister mentioned that her family was bringing her in-laws (both in their 90s, and not necessarily the easiest people to get along with!) into their home for several weeks. How could that time be made as pleasant and profitable as possible?

One of the things we do in our family–even now, after the kids are grown and three of the four are married, and we have five grandkids: We read out loud together. We don’t watch TV. Every once in a while we will watch a movie. But for maximum mutual engagement, besides just plain talking with one another, we will read a book together out loud.

Sarita always suggests three or four books we might read when we’re headed off for vacation. The rest of us, then, together, make the final selection.

[I should note: Sarita has an uncanny ability to choose "the best of the best" when it comes to books. But, then, I guess, she ought to! After all, she reads over a dozen books a week, and she has been doing that for some 40 years or more.]

The books themselves, of course, offer tremendous value on their own. But they also offer another value: they inspire us to interact. We always seem to want to talk about what we’re reading.

Let me illustrate. Read the rest of this entry »

A young lady, just graduated last year from the University of Kentucky, a former Sonlight Curriculum student, wrote a beautiful remembrance of her grandparents on her mother’s side.

I asked her for permission to reprint a portion of it here. I thought it illustrated so well the kinds of things those of us on the giving end might want to consider: What do we do that could create unique and memorable family traditions? How would we like to be remembered?

Read this story and tell me how it inspires you: Read the rest of this entry »

I’ve touched on it before. I have no question I will be writing about it again. This, perhaps more than anything else, is what distinguishes legacy planning from estate planning: the content of what some call the “ethical will,” and others refer to as a person’s “testament” or “legacy letter” or what our second legacy planner called the “family wealth letter of intent.” It’s the device–or collection of devices: written, audio, video, or other–that conveys to members of future generations the special messages the estate plan donor wants them to know and remember, the stories of the people and events that shaped their lives, the special life lessons, the heart of the donor. Read the rest of this entry »

Shaila Dani, AP Money & Markets Writer, provides a wonderful, concise set of recommendations to help develop children’s “money-smarts” from the very youngest ages (how about beginning at three years old?).

Among her suggestions:

Under 4 years old Display a savings jar and put coins in it. Teach children to delay gratification by not immediately buying them what they ask for.

4, 5, 6 years old When your children ask for something, don’t give in right away. Instead, have them create a list of gifts for the future even using pictures.

Around 8 years Start an allowance but nominate one expense like candy or another treat your children want to spend money on. Then make a “contract” and sign it together. Also have them earmark some money for saving. Choose a share of a well-known company–Walt Disney, perhaps–and give your children pretend “stock certificates.” Have them track the stock’s performance to teach them about the market. . . .

Read more on Yahoo! News.

My Pandora “Sweet Vocal” station introduced me to Jessica Andrews and “Who I Am,” her biggest hit.*

I liked the song when I first heard it, and gave it a “Thumbs Up” . . . which guaranteed I would hear it again.

As I listened to it for about the third time yesterday, it struck me how wholesome it is to have the kind of self-confidence she enjoys because of the knowledge of her heritage: Read the rest of this entry »

Matthew 6:3-4 records a statement of Jesus:

But when you give to the needy, do not let your left hand know what your right hand is doing, so that your giving may be in secret. And your Father, who sees what is done in secret, will reward you.

This passage has always made me very nervous. I don’t want anyone to know what I have done, especially when it comes to giving!

So, then, why would I write a post like the one I did last Saturday–Strategic giving? I mean, I got into some pretty fine details! Am I not in danger of disobeying this teaching of Christ? Read the rest of this entry »

I was doing some maintenance on my personal blog on Saturday, when I bumped into a couple of old posts that would have properly belonged over here on Strategic Inheritance . . . if I had been writing Strategic Inheritance at the time!

So I thought I’d more or less copy them here. I think they deserve another look by another audience.

(Originally posted, in slightly different form, at Tithing and Sabbath as Freedoms?!?

Read the rest of this entry »

Charles W. Collier, in Wealth in Families, expands on the theme urged by James E. Hughes, Jr. to which I’ve alluded in the past–the idea that, as Collier quotes Hughes (perhaps from a personal interview; I have been unable to find these exact words in either of Hughes’ books themselves): “A family’s duty is to work to preserve the family’s principal wealth-generating assets: its human and intellectual capital. The family leadership and governance structure should provide an environment that values and enhances each family member’s ability to pursue their individual life calling.”

As I have meditated on Hughes’ comments and, more recently, on what Collier says, I have realized, on the one hand, that they call our attention to things most of us ignore to our peril. On the other, I have realized that there are several other asset classes that they don’t really address.

I would like to call your attention to four such non-financial, wealth-generating asset classes. What follows, then, combines a bit of Hughes, a bit of Collier, and serious dollop of John Holzmann as well. Read the rest of this entry »