Wealth Transfer and the Next Generation

From time to time I enjoy hearing the advice offered to the general public by various wealth managers.  It is instructive to hear their views on the basics of wealth management, but further to hear their views on the values of the wealthy and how they handle their wealth in light of these values.

I must give credit where credit is due for getting me on this topic.  In my rapid perusal of current business news, I ran across an older video of an interview with wealth manager Stuart Lucas on the Business Week website.  Lucas is one of the heirs of the Stuart family, whose patriarch E.A. Stuart founded the Carnation Company.  Due to this connection, Lucas actively manages the wealth for at least 18 of the heirs and provides advice to many others.  He has written the book Wealth: Grow It, Protect It, Spend It, and Share It.

One of the issues that Lucas runs across in managing the wealth for this family fortune is teaching everyone to have a concern for their next generation of heirs. In particular, if the values of the family are not passed on along with the money there will be potential problems with the future value of this fortune.  Passing money on to the next generation without passing along sound values could cause adverse effects according to Lucas.

Let’s think together–how do we transmit values to the next generation? Is this not the number one question anyway? Many times among Believers we share a concern for passing along solid values to the next generation, but do we really focus on doing it?  It is a challenge that we must bolster up and address.

It would be interesting to poll some of the younger generation to see what their perspectives are on wealth. Perhaps that is what Jesus was doing when he encountered the rich young ruler as recorded in Matthew 19:16-22.  Through this interaction, Jesus got to the heart of the matter when He encouraged the rich young ruler to consider the poor, thereby laying up treasure in heaven. Then He simply ended by saying, “Come, follow me.”  This produced sorrow in the young man’s heart perhaps as he realized what values he held in his own heart and how he could not get a perspective on a future generation that could benefit from his fortune.

This angst is not the value I want to pass on to the next generation.  We must set ourselves free from the love of the world and its passing treasures, and to pass on eternal values as we teach stewardship principles to the next generation. Investing in eternity is part of God’s plan for us and the next generation.

Faith and Governance: The Roles of the Ministry Board

Wisdom. Dedication. Leadership. Advisors. These are all terms commonly used to describe nonprofit board members. And all of these terms are applicable and relevant. But what about board members of the average nonprofit ministry? Is there one role that is more needed or desired over another? Or should other roles be added to the list?

To start, ministry board members play a unique role that contrasts with the secular nonprofit boards. Ministry board members are involved in spiritual work, that is, the mission of their organization takes its lead from the Lord and so all that comes under the heading of the organization is subject to the Lord’s leadership. This may sound overstated, but you might be surprised at how some board members of Christian organizations forget their spiritual roles.

Yes, there are common obligations for both secular and Christian boards. For example, board members have responsibility for the organization’s mission and strategic direction, for ensuring its fiscal health, for hiring and evaluating an executive director, for being an advocate of the organization, for making and monitoring policy, and for developing resources. In the Christian organization, let’s add to the list these items: ensuring the witness of the institution, promoting a Christian worldview, maintaining standards based in Scripture, and keeping the organization accountable to God.

Ministry board members have a double dose of responsibility. One thing is certain–continued success for the ministry depends on regular prayer and seeking the Lord’s direction above all else. Board members should not take this role too lightly. Spiritual direction is key and should drive all other decisions of the organization.

This spills over into developing support for the ministry. Board members must view fund-raising not as a transaction, but rather a chance to be involved in the transformation of the giver. When we understand that God owns it all and that we have a duty to be good stewards of all entrusted to us, it becomes exciting to be involved in the asking process. This is a direct invitation to lay up treasures in heaven, to have something credited in heaven to the giver’s account.

As ministry board members grab hold of the transformation process and realize the significance of their roles, they will be better equipped to exercise faithful leadership for the organizations they serve.