Week 5 Discussion-Financial Foundations: Building Legacy through Generational Trusts

In this insightful episode, our special guests dive into the significance of generational trusts. They explore the legal, psychological, and spiritual aspects of creating and maintaining these powerful tools for legacy building. Learn how trusts can protect family assets and ensure they benefit future generations while aligning with biblical principles of stewardship and responsibility. Join us as we discuss practical steps and hear personal stories from those who have navigated the complexities of preserving wealth across generations. 

Chapters

• 0:00 Intro Soundtrack
• 7:45 Closing Prayer

Transcript

0:05

Start today, don' t delay; Plan your future, find your way. Tomorrow' s promise in your hands. Lay your path across this land. Loved ones counting on your grace. Harmony in every place. Welcome to another discussion of the Lost Estate Educational Series. I am your host, Jermaine Whiteside. Today we dive into the psychological and spiritual aspects of financial behavior. Before we begin, I' d like to remind our listeners that the Lost Estate is an educational series. We do not endorse any specific product or service. Joining us today is Don Johnson, a licensed insurance agent and minister who is here strictly for educational purposes to share insights on financial planning and spiritual wisdom. Also joining us today is Eddie Bales, an entrepreneur who has transformed his life from a financially struggling college student to a successful business owner. At just 20 years old, Eddie started a business that provided access to legal services through a Pioneer app, now expanding across 41 states and several Canadian provinces. Beyond his business achievement, Eddie has dedicated his time to coaching, mentoring, and hosting the Code Freedom podcast, where he shares insights on achieving freedom in all life's aspects. He is also deeply committed to outreach and ministry, serving as the chairman of the board for a non- profit, A Grace to Grow. Eddie' s story is not just one of financial success but also of a profound community impact. In addition, today we have Diane Liles, a dedicated educator with 30 years' experience, now retired, and focusing on her passion for arts as the founder of Active Expressions Art Academy. Diane is currently engaging in establishing and training within the community, generational trust to preserve her mother' s home, ensuring it remains a family asset for years to come. Her commitment extends beyond education and into the practical steps to secure her family' s legacy. Diane, you recently navigated setting up a real estate trust. Can you start off by sharing with us why this is so important for your family? Yes, certainly, Jermaine. The trust was essential for preserving my mother' s home, ensuring that it remains a blessing for our future generations. It required careful planning and a sincere understanding of both the legal and the familial needs of the family. So, Diane, in your experience as an insurance broker, how do we see psychological barriers affecting families' financial planning? Okay, Jermaine. Many families struggle with trust and communication, and both are critical for successful financial planning. You know, it' s more than just about the numbers. It' s about building relationships and ensuring a shared vision for the future. So true, so true. Eddie, from your perspective, how do you see the future of your family? How do you see the future of your family? Trey Mara? Trey Mara? Trey Mara? Trey Mara? Trey Muffin? Tery 6? Trey Muffin? Trey Muffin? Trey Muffin? Trey Muffin? Trey Muffin? Trey Muffin? Trey Muffin? Trey Muffin? Trey W. Trey Muffin? Ter. Trey W. Welcome. Trey Muffin. Can you go over the window? Ter. Ter. Trey Muffin? You go ahead and guide me, sure that those things are in place. You know, Psalms 119, 105 says that the word is a lamp unto my feet and a light unto my path. And so if we truly believe that, then we can just follow the proven principles that are in the Bible. So true. So true. Amen to that. Let' s talk about how integrating financial tools with spiritual guidance can help families overcome these challenges. Diane, how did spiritual insight play a role in your decision-making process? Well, I feel my decision-making and all of my life experience on our spiritual journey, my spiritual understanding, and my spiritual needs. So my spiritual insights provided a foundation for the truth, the purpose, and helping us to navigate the complexities of this planet with a clear vision and a commitment to the stewardship. Well, thank you, Don and Eddie and Diane, for your profound contributions today. Child listeners, remember that managing finances, especially within a family, involves navigating psychological, rational, and spiritual dimensions. We hope this discussion inspires you to approach financial planning and spiritual guidance with wisdom and faith. So join us next week as we continue to explore a transformative financial strategy. Don' t forget to subscribe and share this podcast with others to find peace and purpose. Thank you for tuning in and may you be empowered to make financial decisions that bless your family and future generations. And again, thank you Eddie for being here and Don and Diane. Is there anything you guys want to add before we close out? I just want to say thank you for allowing me to be here and to share and it' s exciting that you' re doing this project that you' re doing to really educate and empower others. Well, thank you, Eddie. Thank you for those words. And also I, ll be posting in the chat box, I' ll be posting in the chat box, I' ll be posting in the chat box, I' ll be posting in the chat box, in the chat box, I' ll be posting in the chat box. I' ll be posting in the chat box. Excellent. Excellent. And I' ll try to put those links there for our listeners. And again, thank you so much, so much for being here. And as we continue to talk about these trusts and these vehicles of financial planning, we plan on exploring this in the future. So thank you again and God bless. Heavenly Father, thank you for guiding today' s discussion and enriching our understanding of financial stewardship and generational planning. We ask Your wisdom to continue guiding us as we apply these principles to our lives, aligning our financial actions with Your will. Bless all those listening with the knowledge and courage to build legacies that honor You and provide for their families. May our efforts bear fruit. May our efforts bear fruit that brings glory to Your name and fosters communities of faith and abundance. In Jesus' name we pray. Amen.