Family Legacy Planning
“A good man leaves an inheritance to his children’s children, But the wealth of the sinner is stored up for the righteous” (Proverbs 13:22 NKJV).
The Bible says it’s good to leave an inheritance.
The most important inheritance is the Gospel. But what about wealth? Money? Real estate? A family business?
I’ve wrestled with this a lot. Because there are kids that have been destroyed by a monetary inheritance.
So if I leave my kids wealth, am I leaving them a curse?
I also know entrepreneurs that solve this problem by creating some kind of trust with rules for how the money is managed and accessed, etc.
As if they think they can wisely manage their wealth from the grave.
So far I’ve landed on two ideas.
My first idea is that wealth is a tool. And like all tools, it simply magnifies what was already there.
“A good man out of the good treasure of his heart brings forth good things, and an evil man out of the evil treasure brings forth evil things” (Matthew 12:35 NKJV).
My inheritance should flow out of my 4th Priority core value. That is, my wealth building work is always my 4th Priority, after 1) God, 2) my spouse, and 3) my kids.
If I haven’t left my kids a Gospel inheritance, I better not leave them money.
If I haven’t taught my kids about marriage and guided them to a godly spouse, I better not leave them money.
And if I haven’t created a Godly culture that loves setting up every next generation for success, I better not leave them money.
My second idea is the next generation can either grow or tear down. They can’t preserve.
This makes me resist the idea that I can manage my wealth from the grave.
My kids aren’t me. Whatever I’m made to do, whatever makes me feel God’s pleasure, isn’t going to be identical to what my kids are made to do.
No matter how successful I become, I won’t be the pinnacle of Schoolland success.
In short, 1) if I’ve made my wealth the 4th most important piece of my inheritance, then my kids will be equipped to be successful with it in a godly way.
And 2) if I make them preserve my legacy, instead of setting them up with the tools to grow their legacy, it’ll die.
What do you think?
Joseph