Wealth Transfer

James H. Willis, III
Founder and President
The Willis Agency, Inc
1 Peter 5:7

When I bring up the topic of Wealth Transfer, we need to realize that it is different from Estate Planning. Estate Planning is all about the estate. It is done at death and is driven by tax efficiency and control, whereas Wealth Transfer places high priority on a benefit to a beneficiary. Wealth Transfer is stewardship-driven and can begin now, with goals and a priority of honoring God. It is said that Wealth Transfer is the last stewardship decision we will make.

On the average, household wealth is growing and will likely go the next generation. This wealth is going to be transferred to future generations and many will not even know the source of their wealth. So, it becomes very important that this transfer of wealth be very thoughtful. It is said that there will be $42-$126 trillion dollars passed to the next generation over the next 40 plus years. That is $1-3 trillion yearly.

This information makes the process and its intentionality very important. Developing this process that begins as soon as possible that is stewardship-driven will honor God and will help plan the potential impact to your heirs. Besides the 6 steps of Wealth Transferring there are 3 principles I’d like to share. 1) Treasure Principle: You can’t take it with you, but you can give it ahead of time. 2) The Unity Principle: Husbands and wives must be in complete agreement. 3) The Wisdom Principle: Never pass wealth without first passing wisdom. Wealth will never create wisdom, although wisdom may create wealth. At the Willis Agency, we have the tools and the relationships to start and finish this process.

“This, then is held to the be the duty of the man of wealth: First, to set an example of modest, unostentatious living, shunning display or extravagance; to provide moderately for the legitimate wants of those dependent upon him; and after doing so to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer.”

— Andrew Carnegie
Caring for you and yours,
“Where there is a Willis, there is a Way.”


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