Your Family Legacy With Tom Conway

“Well done, good and faithful servant. You have been faithful over a little; I will set you over much. Enter into the joy of your master."  Christians are called to be faithful stewards of God’s resources. When we do that, we leave a LEGACY for generations. Rob talks with Tom Conway about what that means and how you do it.

Tom Conway is a CPA by training, a Certified Kingdom Advisor, and founder of Legacy By Design. Tom and Rob cover these topics and questions on this episode of Faith&Finance.

• Rob - I think we all leave a legacy to our children and grandchildren, whether we know it or not, but there are actually three kinds of legacies. What are those and can you flesh out the details?
• Tom -
• The one you received
• The one you will leave
• The one you are leaving every day
• Rob - You help families plan their legacy and this isn’t a “one size fits all” process, is it?
• Tom -
• Every family is unique
• Their situation is unique
• The family members are unique
• Rob - How exactly do you help families prepare a legacy?
• Tom -
• It starts with a conversation. involving 5 areas of their legacy:
• Personal Legacy
• Family Legacy
• Financial Legacy
• Business Legacy if you are a Business Owner
• Kingdom or Charitable Legacy
• Rob - Perhaps people aren't thinking of their legacy quite this way or with the intentionality you've brought to the process, right?
• Tom -  The most important legacy you leave does not involve money.
• Rob - What goals should guide us as we think about the legacy we want to leave?
• Tom -
• Two Biblical Goals for families:
• 1 - Hear ‘Well Done’ at end of life – Matthew 25:21
• 2 - Present every man complete in Christ – Col. 1:28-29 defines this: “Him we proclaim, warning everyone and teaching everyone with all wisdom, that we may present everyone mature in Christ. For this I toil, struggling with all his energy that he powerfully works within me.”
• Rob - How have you been successful once a family realizes the importance of the faith legacy they're leaving?
• Rob - What about when a family realizes their kids are not "there" spiritually?
• Rob - How do you counsel parents who just feel like it's their responsibly to leave money to their kids?
• Rob - Should you struggle with treating each child uniquely?
• Tom -
• Statistically, 70 to 90% of wealth transfer plans fails
• In 60% of the cases, its due to lack of communication and Trust in the Family
• 25% is due to Unprepared Heirs
• Communication is a must
• I tell people, “There will be a family meeting. It's just a matter of whether you will be there or not!”
• Rob - What's the benefit of all this?

Next, Rob answers these questions at 800-525-7000 or via email at [email protected]:

• If you're 32, have a 401(k) for which your employers matches up to 10% but you're currently contributing 8%, what is the best way to maximize plan?
• You're a senior and you'd like to open some sort of account that will earn as much interest as possible, where should you look?Ally, Marcus and Capital One 360

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