Baking is not like transferring wealth, or is it?

Read Time / 2 Minutes

Theme / Inheritance

Are you prepared for Christmas Day?

In a study conducted by Statista Global Consumer Survey, they revealed that the vast majority of Americans look forward to Christmas — shocker!  But, the reason this holiday is highly anticipated varies from — time spent with friends and family  to  giving presents  to  celebrating the birth of Christ  to  enjoying holiday treats.

In my family, I know one Christmas tradition that each member waits for impatiently, as the days to December 25th shorten.  It’s a breakfast pastry, and we call it “Christmas Tree.”  Its adopted name solely describes the shape — not taste — of this, supposedly Danish, delight.  As every delicious treat demands, its core ingredients are flour, sugar, butter, and walnuts.  It’s hard to go wrong with a stacked line up like that.  My sister describes its delectable taste as, “the best cinnamon roll, donut, bear claw combo you can ever imagine.”  How’s that for your taste buds?  My mouth is salivating just thinking about it.  Is it Christmas yet?

I am well experienced in the consumption of this flaky, yet crunchy — buttery, yet sweet — tree of goodness; but, I wouldn’t be able to successfully bake a Christmas Tree.  Watching my mom bake it for over 30 years, I know there is a process she follows to create this treat.  I know it’s not as simple as mixing a few ingredients together and throwing it into the oven.

If the Christmas Tree requires a process to perfect its presentation and taste, surely transferring wealth successfully from one generation to another demands intentionality.  Ron Blue, a giant in the Christian Financial Advisor world, boils down the wealth transfer process into six steps:

Step 1: Transfer — Who are you transferring the wealth to? Heirs, Charity, and/or Taxes/Expense

Step 2: Treatment — How are you going to treat them?

Step 3: Timing — When are they going to get it? Now or on a deferred basis over time?

Step 4: Title — When do I transfer title and ownership? Early or later?

Step 5: Tools & Techniques — What are the tools and techniques?

Step 6: Talk — Have I talked to those impacted?

There’s nothing like a good alliteration to help one’s memory.

Wealth, like a pastry, can be a blessing and a treat to be savored and shared with others.  But, too much wealth, like an excess of pastry, presents the risk of leaving its beneficiaries worse off.  As stewards of the Lord’s resources, our goal is for His resources to advance His Kingdom.  Sounds simple and, yet, requires wisdom.  Thankfully, the Lord is willing and eager to give us wisdom.

If any of you lacks wisdom, he should ask God, who gives generously to all without finding fault, and it will be given to him.

James 1:5

There is less than a month away before I get to enjoy a slice of Christmas Tree over a cup of Dominican, Single Origin, Seven Weeks coffee.  It’s interesting, as our family expands over time, my mom — grandma to my nephews — has chosen not to make more for our family on Christmas Day.  When I asked her why, she simply responded, “I don’t think we need more.”

Ryan De Amicis

Wealth Advisor

408.758.6413

ryan@christianwm.com