The theme of this week’s top reads is giving, whether you are transferring wealth and assets to your heirs or giving back professionally. In the personal finance section, Lisa Brown shares how to plan your estate distribution depending on the age of your heirs, Chris Taylor talks about the $68 trillion of art that baby boomers are passing on in the next 25 years, and Rob Engen takes a page from the indigenous peoples of the Pacific Northwest on reducing our clutter.
In the personal interest section, Raméz Baassiri reminds us how rewarding giving back can be for us and our businesses, and Susan Heathfield shares leadership style tips that foster effective delegation.
In this Kiplinger article, Lisa Brown discusses the importance of creating a plan for estate distribution – and one size does not fit all. Your strategy for distributing your estate should depend on the age of your heirs.
When a person is drawing up or revising their will, it’s common to consider how to structure their inheritance payments to children. If their nest egg has grown nicely over many years, the size of an inheritance only raises more questions about how to distribute it — all at once or in smaller portions over a period of time.
Whether your plan includes children 12 and under, college grads not yet ready to pay their way, or even if your children are in their mid-life, Brown shares multiple strategies for you to consider when estate planning. Read the full article here.
If you’re an art collector and are concerned about what your heirs will do with your prized, high value pieces once you’ve passed them on to them, you’re not alone.
The biggest intergenerational wealth transfer in history is already underway, with baby boomers handing down an estimated $68 trillion over the next 25 years, according to research firm Cerulli Associates.
Chris Taylor of Reuters breaks down the results of a new survey in this article, which addresses boomers’ concerns not only about educating heirs on the value of their art, but also on the tax implications of passing it down. To address these concerns, Taylor has created a list of things to consider when passing down your artwork. Read the full article here.
We are living in a time of consumerism and constantly accumulating more “stuff.” It’s become such a problem that minimalism, the tiny home movement, and Marie Kondo’s method for “tidying up” are becoming increasingly popular and people are kicking their “stuff” to the curb, filling up our landfills and dumps more than ever before.
In this article, Rob Engen talks about how we could take some advice from the indigenous peoples of the Pacific Northwest Coast, who give their possessions away during a ceremony called a potlatch.
[It] was the desire of every chief to gather a large amount of property and then give a great potlatch feast in which all was distributed back to his friends and neighbouring tribes. Every present received at a potlatch had to be returned at another potlatch. A man who would not give his feast in due time would be considered as not paying his debts.
Engen goes on to discuss how “stuff” doesn’t make us happier and that we should purchase more experiences rather than things. He also has some suggestions to get the decluttering started. Read the full article here.
As an entrepreneur consumed in business planning and work, the busyness of your days can feel overwhelming and at times, not very rewarding. That’s why it’s so important to give back, says Raméz Baassiri in this article.
“Not only does it have the obvious benefit of helping others, but it’s apparently one of the most therapeutic things we can do for ourselves… lots of previous research has confirmed that having a purpose outside yourself is good not only for your mental health, it’s also good for your physical health, longevity and even your genes.”
Volunteering in your local community or donating to those less fortunate can be incredibly humbling and can have a positive impact on your life, and your business. Read the full article here.
In this article, Susan Heathfield of TechSmith Corporation shares leadership style tips that foster effective delegation. Putting these tips into practice will empower your employees and encourage their success.
Heathfield also shares what to avoid when delegating:
Delegation can be viewed as dumping by the employee who receives more work to do. A young employee complained recently that while she was extremely interested in more responsible work and taking on new challenges, she felt that her manager was just giving her more work to do most of the time.
Read the full article here.