In Your Interest – by Valerie Rumbough

What can the Bible teach us about an inheritance? Quite a lot, actually. We learn from the Scriptures that, in addition to leaving our heirs a spiritual inheritance, we are also to leave them a financial one. We read in the book of Numbers that even God Himself provided an inheritance for the tribe of Levi, since they did not receive a portion of land like the other tribes of Israel did.

Rumbough

This does not mean that you necessarily leave large sums of money and property to your children. It does mean that you should leave a legacy of good stewardship. Think about how you are living now and what that will translate into at your death. If you still work, do you spend less than you make, and save for the future? If you are retired, are you living on a spending plan that is prudent and ensures, to the best of your ability, that you can live a long time on your retirement funds?

This legacy can be more valuable than leaving a large amount of assets to your family. If you are blessed enough to be able to leave something to family members, what are you teaching them through the gift? Do they know that your Lord comes first, even in the disposition of your estate? Many people make a statement of faith by tithing their estate to their church or other charity. This is simple to do, yet it can become a wonderful testimony to what your priorities were while you were living and may speak volumes to your heirs long after you are gone.

In the coming weeks, we will talk more about ways to make the inheritance your family will receive from you a rich and meaningful one, one that is full of wisdom and faith.

– Rumbough, CPA, CFP, is chief operations officer with the Baptist Foundation of South Carolina. Contact her at 800-723-7242. In accordance with IRS Circular 230, any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.