Your will is the last conversation you have with those left behind when you die. What do you want that statement to be? That was one question posed by Tim Fry on April 6, 2013, at a seminar on planning for succession, sponsored by EMC's Project Builders and hosted at Blumenort EMC.
Fry, a lawyer with experience as a pastor, presented some of the legal hurdles to address in succession planning. He elaborated on the importance of a well-prepared will and defined the role of an executor to carry out your intentions.
Elaine Froese, a writer and family coach, addressed the dynamics of working through a succession plan with your family. "Conflict is not bad, but unresolved conflict is," she said. "What are the filters we have in place preventing us from seeing the next person's point of view?"
Dr. Arden Thiessen provided an overview of Old and New Testament, including principles such as: "Prosperity can be Dangerous" (Deut. 8:11-18; Luke 12:13-21), "God's Rules are for own Good" (Deut. 12:12,13; Luke 11:28, Romans 11:22), and "Extend Generous Compassion for the Poor" (Deut. 15:7-11; 2 Cor. 9:6-12).
Harold Penner and Rick Braun-Janzen, Mennonite Foundation of Canada representatives, introduced us to various giving options: gifting accounts to average giving from year to year, options at the time of a transition to offset Capital Gains, and gifting options provided through the estate.
Henry Friesen, accountant, addressed practical ways to enhance estate value in management or ownership to business partners or family members. Start planning your exit strategy the day your child asks to join the family business. Redefine parting ways as success rather then failure. Put your cards on the table. Put it in writing.
Participation from our sister conferences, CMC and EMMC, was much appreciated.
- Len Barkman
Contact Len Barkman or the EMC office for more information on EMC Project Builders.