Take a look at our newsletter this month!
Your
WE A L T H
®
(520) 325-1600 WWW.SHEPHERDWEALTH.COM
MAY 2018
THE TRUE WEALTH OF YOUR What Will You Pass On to Future Generations? Inheritance
O ne day, my wife was going through my desk and came across a mysterious letter. I wasn’t sure what it was right off the bat. I could identify handwritten words on a piece of paper, but I had no recollection of what they said. As I started to read it, a distant memory flooded my brain, and I realized these words were mine. I started to piece together exactly what this document was and the magnitude of what it meant. It was a letter I wrote to my future grandchildren about 10 years ago. THE TRUE VALUE OF AN INHERITANCE This letter started off as a family keepsake, but it is now the very foundation of how we approach our business. You can find the exact words from the letter in their entirety at the end of our book, “The Forever Millionaire.” In short, the letter conveys what we believe is the most important information anyone can pass on to their family. As financial planners, our goal is to set up a viable monetary future for you and your future generations. That being said, we believe the most important aspect of any inheritance comes down to one simple concept: values. You can pass on the greatest estate plan ever made, but the success of your beneficiaries’ future doesn’t reside in money; it holds fast in values. Learning to be content, striving for knowledge, and having integrity in all of your actions is much more rewarding than having any piece of paper, including money. On the inside of this newsletter, you’ll read about your “big why” and what makes it
important. Your “why” not only defines how you view success, but it also illustrates values you find important. These values can directly affect the way your successors interact with money, and more importantly, life.
how great your financial planner is. That’s why writing this letter was paramount. PERSPECTIVE One of the big things I want to pass on is what writing a letter similar to mine can do for you. Writings, whether they’re in the form of novels, history books, or letters, provide wisdom. A story can pass on a life’s worth of lessons and advice. When you write a letter to your future generations, it can have a similar effect that it had on us when we wrote “The Forever Millionaire.” The penned information can put everything you’ve learned into perspective and detail important values. Even more crucial, the letter can pass on the stories that may have never been told otherwise. THE STORIES NEVER TOLD I was driving with my daughter one day and turned to look at her. She has cerebral palsy and has been through the gauntlet of life. I asked her, “Do you know you are one of the most inspirational people in my life?” and she said, “No.” So many of these crucial stories we want to tell never make it to the people who most need to hear them. Write a letter to those closest to you detailing their value, and express how they helped you achieve great things. Valuables are one thing, but values are everything. Are you passing on more than just your assets? Always consult an attorney or tax professional regarding your specific legal or tax situation. -Dave Shepherd
SHIRTSLEEVES TO SHIRTSLEEVES There is an old saying in several cultures that translates to “Shirtsleeves to shirtsleeves in three generations.” The proverb describes that a family’s wealth can be built from nothing and demolished back to rubble within three generations. The idea behind the expression is that the first generation builds wealth by scratching and clawing through life, making extreme sacrifices to build their legacy. Then, the second generation remembers their parents’ hardships and the trials of their childhood, so they continue working hard to maintain the family wealth. But the third generation knows only a lavish life, so they are careless with their money and spend it all, returning the family to poverty. Without passing on values like the importance of hard work, persistence, and saving, your future generations will go back to shirtsleeves, no matter ... THE SUCCESS OF YOUR BENEFICIARIES' FUTURE DOESN'T RESIDE IN MONEY; IT HOLDS FAST IN VALUES.
• 1 (520) 325-1600
3 THINGS TO DO BEFORE THE TRIP TRAVELING WITH THE GRANDKIDS?
As we discuss values and passing them on to your loved ones, it’s also important to revisit the tangible assets you hand over to your family. This is why we recommend periodically taking a thorough look through your estate plan. There are key questions you should ask as your life changes and grows. You don’t want dividing your estate to end up dividing your family, and that means going back every now and then to ask yourself, “Why did I do it this way?” Here are three major events that should trigger a review of your estate plan. CHANGE IN FAMILY DYNAMIC This change can come in the form of events like a divorce, new births, or unexpected deaths that cause a shift in responsibilities. The last thing you want is an estranged ex-spouse to remain in a will or accidentally leave out a grandchild. It may seem like a no-brainer, but anyone going through a major life change like this can get distracted It’s extremely common for portfolios to change enough that a will needs to be altered. This shift could go in either direction. If you lose funds, it might change the prioritization of where your assets should go. On the other hand, acquiring businesses, gaining real estate, or experiencing stock-portfolio growth may compel you to appoint new beneficiaries or change the organization of your will. CHANGE IN LOCATION After packing up all your belongings, organizing your family, and traveling to another state, you may lose sight of how the move affects your estate plan. Each state has different tax laws, rates, and even trust laws. If you move to or from a community-property state to a state that does not have the same laws, you could be jeopardizing the functionality of your estate plan. As you prioritize passing on good values to your family, don’t forget to make sure your assets will be handed over exactly as you intend them to be. It’s pivotal to have a conversation with your beneficiaries about this, especially when situations change. If you have questions on how to set up your nest egg to maximize its value, reach out to us today. IS YOUR NEST EGG GOING WHERE YOU WANT IT TO? WHY YOU SHOULD REVISIT YOUR ESTATE PLAN and forget their estate plan. CHANGE IN FINANCES
We could all use a vacation, and if you’re looking to bond with your grandkids, a trip might be the perfect answer. It’s fun for you, and getting away from Mom and Dad for a while is thrilling for any kid. But before you board a plane to Italy with your granddaughter or rent an RV for a trip to Yellowstone with your grandsons, there are a few
things you need to check off your to-do list. DON’T LET THE PARENTS WORRY
Letting their kids go on a trip without them can be nerve-wracking for parents. Don’t view parental worries as an implication that you are an irresponsible grandparent. Instead, think about how you felt when your own children were young, and take steps to alleviate the parents’ concerns. If your daughter asks you not to be on your phone while in crowded public places because she’s concerned you might lose sight of her child, promise to keep the phone in your pocket. If your son-in- law wants regular updates, make time before bed for your grandchild to call home and tell her father about all the fun she’s having. A little compromise can lead to less stress and more fun for everyone. PACK NECESSARY DOCUMENTS You need to have some form of ID for your grandkids. Older kids can use a driver’s license, but if you’re traveling with little ones, find a copy of their birth certificates. You also need copies of insurance and prescription cards and a notarized letter from the parents granting you permission to authorize medical care in case of an emergency. It’s also a good idea to have a letter of permission for your grandkids to travel with you. Make sure the letter is signed by all legal guardians, especially if your grandchild’s parents are divorced. You don’t want to accidentally cause a custody dispute. PLAN A TRIP YOU’LL BOTH LOVE When planning your itinerary, ask yourself if your grandkids will have fun, too. You might be excited to visit an art museum, but a younger child might not appreciate it as much. This doesn't mean you shouldn’t visit museums or historical sites! In fact, most of these places offer kid- centric activities, like scavenger hunts, that can help a younger audience engage with the environment. Just be sure to think of your grandchild first when planning. There’s nothing like the adventure of travel to bring generations closer together and create lasting memories. These tips will help you ensure those memories are good ones. Happy travels!
2 • WWW.SHEPHERDWEALTH.COM
SUCCESS
STARTS WITH WHY What’s Your 'Big Why'?
If you want to be truly successful at what you do, you need to get to the core of who you are. You can read every self-help book out there and receive all the information you need to drastically change your life, but if you don’t understand what drives you, your desired results will be elusive. Finding your motivation doesn’t require a pilgrimage to a monastery or committing to an intense introspective process. Instead, it starts with one simple question: Why?
drawn to in life? Most importantly, how do you define success? Your "why" is the driving passion that defines your life. It’s not just the understanding of what makes you do what you do; it’s the realization of who you are. Take a minute right now and jot down the answers to the aforementioned questions. Starting with why is one of the most important concepts that defines your investment future. If you can’t latch a purpose onto your investments, you’ll never fully reap the benefits your portfolio can bring. We believe the same goes with life.
Everyone has routines and habits, and you likely know exactly how to succeed at those daily tasks. But what we often lack is the " why ." This may seem a bit existential and a little odd, but it is at the core of what drives us. Simon Sinek wrote a book entitled "Start With Why" that explores this subject. We tend to focus our lives on an outside-in approach. We recognize our actions and those of TAKE A BREAK!
others, and we subsequently understand our lives through that lens. What if, instead, we focused on an inside-out approach? Rather than the reactionary thought of starting with what , we can have a life filled with proactive purpose by starting with why . This means we need to find our "big why." What gets you out of bed in the morning? What are you passionate about? What are you
Inspired by delish.com
Ranch Potatoes GRILLED
INGREDIENTS • 2 pounds baby potatoes, halved • 1/4 tablespoon extra-virgin olive oil • Juice of 1/2 lemon • 1/2 packet ranch seasoning
• Ranch dressing for drizzling • 1 tablespoon chopped fresh chives • Bacon bits (optional) • Salt and pepper to taste
DIRECTIONS 1. Heat grill to medium. In a large pan, toss potatoes with olive oil, lemon juice, and ranch seasoning. Season generously with salt and pepper. 2. Skewer potatoes. (If using wood skewers, be sure to soak in water an hour before grilling.) Grill until tender and lightly charred, about 15 minutes. 3. Drizzle with ranch and garnish with chives and bacon bits. Investment advice is offered through Shepherd Wealth Group, a Registered Investment Advisor doing business as Shepherd Wealth & Retirement. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Registration as an investment advisor does not constitute an endorsement of the firm by securities regulators, nor does it indicate that the advisor has attained a particular level of skill or ability. Content should not be construed as personalized investment advice or as an offer to buy or sell, or a solicitation of any offer to buy or sell any securities mentioned. Certain content was prepared by a freelance journalist.
• 3 WWW.SHEPHERDWEALTH.COM
( 5 2 0 ) 3 2 5 - 1 6 0 0 WWW. SHEPHERDWEAL TH . COM
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
6 3 0 0 E . E L DORADO P L AZA S U I T E A - 2 0 0 • T UC SON , AZ 8 5 7 1 5 - 4 6 1 2
i ns i de thi s i s sue
1
Pass On More Than an Estate Plan
2
Secrets to a Great Family Vacation Now Is the Time to Revisit Your Estate Plan Getting to the Core of Success Grilled Ranch Potatoes 3 of the Most Formidable Moms in History
3 4 MOTHERS SHAPE THE World
M oms make the world go round. After running the gauntlet of childbirth, they raise and guide us throughout our lives, shouldering the tremendous burden and responsibility of motherhood. Mothers are in turn formidable, kind, powerful, gentle, wise, fierce, patient, supportive, empathetic, driven, and full of love. In honor of Mother’s Day, here are three historic moms who never stopped fighting for what they believed in. SOJOURNER TRUTH (1797–1883)
a speaker for women’s rights, delivering her famous impromptu speech, “Ain’t I a Woman?” in May of 1851. IRENA SENDLER (1910–2008) When the Nazis invaded Warsaw in September of 1939, Irena Sendler, a 29-year-old social worker and mother of two, hatched a scheme to rescue Jewish children from the brutal ghettos. Along with many friends and colleagues, she smuggled out nearly 2,500 Jewish orphans, hiding infants on trams and garbage wagons and guiding kids through a labyrinth of secret passageways beneath the city. EMMELINE PANKHURST (1858–1928) Despite being a wife and the mother of five children — two of whom died tragically young — Emmeline Pankhurst became one of the fiercest advocates for women’s suffrage in the late 19th century. After founding the Women’s Social and Political Union in 1903, she and her cohorts adopted an aggressive strategy to raise awareness for the issue; they began by buttonholing politicians and staging rallies, then progressed to vandalism, window smashing, and arson. She was instrumental in the movement. Pankhurst lived to see women gain the right to vote in 1928.
Before she escaped from New York slaveholder John Dumont, Sojourner Truth had at least three of her children sold away from her. When Dumont went back on his promise to emancipate Truth and her infant daughter in 1826, she took the girl and fled to an abolitionist Quaker family, but she was forced to leave her other daughter and her 5-year-old son, Peter, behind. Soon after, she
learned that Peter had been illegally sold by Dumont to a slaveholder in Alabama, so she went to court and secured his safe return. It was the first successful case brought by a black woman against a white man in American history. Truth went on to become a prominent abolitionist and
4 • (520) 325-1600
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Learn more on our blog