CREATING THE *RIGHT KIND* OF GENERATIONAL WEALTH BECAUSE IT DOESN’T JUST HAPPEN BY ACCIDENT ROSS BRUNSON, CONTRIBUTING WRITER
Financial Dimensions. Once you have your Values & Vision Statement, you can share copies with each family member and keep it top of mind by revisiting it on Family Retreats With a Purpose. This can help ensure you and your children and grandchildren don’t get distracted by the short game, making less-than-stellar life choices, or worse, causing irreparable damage.
What kind of generational wealth do you hope to create?
With IUL, you can access tax- free income from your policy for things like college tuition, real estate, and business ventures. When you pass away, your heirs will receive your death benefit (which has often blossomed in value) totally income-tax-free. GIFTING & LOANING Have you considered gifting? For example, you can gift a certain amount of money to your parents, children, or grandchildren every year, and the amount will be exempted from gift tax. By gifting assets, you can reduce your estate tax liability and help your beneficiaries build their own wealth during their lifetime.
Generational wealth is all about passing down not only financial wealth, but also the values that helped you acquire the wealth — and this is why the 3 Dimensional Wealth approach is so valuable. But the kind of long-lasting, holistic generational wealth that extends for generations doesn’t happen by accident. It takes intention and a willingness to partner with professionals who can help ensure your legacy remains vibrant. As you look at your own plans, ask yourself where you are on estate planning progress: TRUSTS Have you created a trust? A trust is a legal arrangement that allows you to transfer your assets to a trustee who manages them on behalf of the beneficiaries. By creating a trust, you can protect your assets from taxes, lawsuits, and creditors, and ensure that they are used for the benefit of the beneficiaries. LIFE INSURANCE Insurance is another important aspect of estate planning. Life insurance can be used to provide financial security to your beneficiaries in the event of your untimely death, covering funeral costs, outstanding debts, and other expenses. As my friend Doug Andrew teaches, you also can use specific life insurance policies, like the properly structured, maximum- funded Indexed Universal Life policies championed by 3 Dimensional Wealth, to provide living benefits.
Instead, maintain that long-term vision and follow-through, which can lead to a life of abundance and a lasting legacy of joy. –Doug Andrew
Ready for an easy, delicious pie? This one is hands-down the Andrew family favorite (they make several every holiday season!). BANANA CREAM PIE
COMMUNICATION Communicating your estate
INGREDIENTS
plan to your family is absolutely essential to getting on the same page together. Gather your loved ones together regularly to discuss your financial values and the steps you are taking to ensure that your beneficiaries are financially secure. If you’ve created a KASH Blueprint, like Doug teaches, for bringing together your family’s Values & Vision Statement and guidelines for accessing the family’s Legacy Bank, this is a great opportunity to reinforce those concepts. To achieve generational wealth through estate planning, it’s essential to work with an experienced estate planner who can help you create a plan that reflects your goals and values and ensures that your assets are protected and transferred according to your wishes. Don’t leave your family’s generational wealth to chance. Take steps now to design a lasting legacy that will empower your loved ones for decades to come.
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3 egg yolks 2/3 cup sugar
1 Tbsp. butter 1 ½ tsp. vanilla 1 pie shell, baked and cooled Bananas, sliced Whipped cream
½ tsp. salt
2 ½ Tbsp. cornstarch
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1 Tbsp. flour
3 cups whole milk or half- and-half
DIRECTIONS
1. Set out the eggs so they can reach room temperature while you start on the filling. In a saucepan, mix the sugar, salt, cornstarch, and flour. Gradually add the milk (or half-and- half) and cook over moderate heat until it boils — stirring constantly. Remove from heat. 2. In a separate bowl, separate the yolks and slightly beat the room-temp egg yolks, then slowly stir about half the filling into the egg yolks. (The goal is to combine the yolks and filling slowly so the eggs don’t start to partially cook.) 3. Blend the egg-and-filling combination back into the rest of the hot filling in the saucepan. Over moderate heat, stir constantly and bring back to a boil — let boil for 1 minute. Remove from heat again and add the butter and vanilla, blending until smooth. Cover the filling with wax paper and let it sit for a bit, then move it (still covered in wax paper) to the fridge. Bake your pie shell and let it cool. 4. Add the cooled filling to the cooled pie shell. Before serving, add sliced bananas and whipped cream to each slice of pie. SHAREE’S TIPS: “I like to use real vanilla in the filling, and I make the pie filling the day before I’m serving the pie. I also top the pie with banana slices rather than putting them in the bottom of the pie shell (because they go dark on bottom).”
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