The passing of Aretha Franklin reveals so much about her talents and her legacy, while also revealing a great deal about each of us. She was an icon for the ages who truly impacted the world with her melodic gifts. Conspicuous in its absence is the planning that great and wonderful lady might have done in advance to protect her legacy for her family and for the world who has so loved and appreciated her music. Her $88 million estate will pass according to the laws of Michigan and be subject to federal estate tax of 40% of that estate, or more than $35 million. Your family, like hers, might have benefited from guidance in these affairs, with directions for handling her estate while maximizing her legacy for generations.
Protecting your family in the event of your death is one of the most important things you can do to advance family harmony and restoration in your own home, and in our culture – for both financial stewardship and your family legacy. Traditional estate planning fosters a discussion about financial assets in the event of death, but planning for a family legacy happens every day of our lives, and continues after one’s death.
The legacy that you ultimately leave behind is the sum total of your life, your family members who continue on after your passing, and your stewardship of both for an Eternal Kingdom. You can be proactive and intentional about building each of these aspects of your life. You can determine the best personal family strategy and legal structure, and both can survive beyond your lifetime, protecting, celebrating, and influencing the world for eternity long after you are gone.
Create that process within your family now. Training your children in that stewardship of finances, creativity, personal responsibility, self-governance, and spiritual discipleship to change the world. Beginning that process as early as possible during your lifetime will not only ensure that you can create the legacy you want to leave behind, but it can direct lives for God’s glory, and can ensure that there is a seamless transition of the management and control of your legacy and assets when you die. And it will insure that the family harmony and family restoration you have focused on for a lifetime will outlast you. Get a plan in place for the custody of your minor children, particularly if you have challenging family circumstances that could hinder you providing for the best interests of your child. Get a plan in place to protect your spouse or significant other as well, and create a strategy that not only enhances your finances for your children, but also provides for a charitable legacy, as not planning may simply default your money to the IRS. And consider creating an ethical will that can celebrate your life and share your life goals with loved ones for generations to come.
Have a plan for your life, and your legacy. Protecting your family during your life and in the event of your death is one of the most important things you can do to advance family harmony and restoration in your own home, and in our culture – for both financial stewardship and your family legacy. Doing so while you are alive with an eye toward family restoration can change the world.
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