Re-printed from 2018…Happy Thanksgiving!
It’s pretty easy to immediately think of the things I’m thankful for every Thanksgiving. My beautiful wife of 32 (now 33) years; my children that have grown into wonderful adults (and I include my son-in-law when I reference children); my perfect granddaughters (added one in March); my family and friends; my business…. you get the picture. While these people I’m grateful for are foremost in my mind, I’m often guided to think of other areas of thanksgiving.
I’m grateful for the countless things in my life that I daily take for granted:
I was born in a first-world country that offers freedoms, resources, and opportunity to chart my own course in life.
I was born to parents who provided me with unconditional love and the income that could send me to good schools to get an education unlike what millions of children at that time (and still today) can’t even fathom.
I’ve never had to find clean water; been anxious over my next meal; or worry about discrimination or injustice. I’ve had the advantage of the best medical care possible and education to know how to live a long and happy life.
While I have great faith, I also know serendipity is involved. I could have been born anywhere in the world where all those amenities I described wouldn’t exist. While I’m thankful for me, it’s a sobering reminder of the plight of many.
As I write this, it dawns on me that this month, I’m celebrating 25 years in Rotary. Rotary has been a constant reminder to me of how my life is the exception; how I’m in the 1% of the world’s population based on when, where, and to whom I was born. While I made my own decisions which helped me to where I am, those were made simpler by my education and those that mentored me. I’m thankful to be a Rotarian so that in some small way, I am able to give back and support people who aren’t as fortunate as me.
Final thought. This memo today is meant to inspire. You are getting this because you’ve been placed in a similar position to me. Be thankful not only this week, but every day and do something small daily to help improve the condition of someone else. Very often, that might simply be kindness. My guess is that every one of you do this, and it’s a friendly reminder that we should all be thankful of where we are and how we got here. And a reminder that we have a chance to take that thankfulness and help someone else.
As I conclude, my sincere thanks to all of you for being faithful readers and followers of my work. I am grateful for you.
Quote of the Day:
“Keep your face to the sunshine and you cannot see a shadow.”
~ Helen Keller
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As I turned in my final Kitsap Sun column for 2019, it dawned on me that this would be a perfect time to enlist ideas from my community for me editorial calendar for a new year and decade.
As I begin plotting my topics for 2020, you can help me. What topics would you like me to write about? Keep in mind, I turn all my columns into videos, blogs, and social media posts.
Here’s your chance to help me mold by next three months. Send me your ideas and topics and I will find a way to write or speak on it in the coming months! You can either post here or email me at firstname.lastname@example.org.
© 2019 Toro Consulting, Inc. All Rights Reserved
As a father and grandfather, leaving a legacy has become more personally important to me. If you’re a grandparent or parent of children under the age of 18 years old, you may have wondered what kind of lifetime impact you can make for them…I know I have.
I’d like to introduce you to a concept that Barb and I will be providing for our grandchildren….I call it a Legacy Gift. This Legacy Gift uses a whole life insurance policy as a funding mechanism to grow cash for children over the course of their lives. That’s where the legacy part comes in. Allow me to explain…
A grandparent or parent (or any other relative adult) can purchase a juvenile insurance policy with a whole life permanent policy (I recommend the 10-pay plan). The insurance is easy to purchase as the child doesn’t need to go through any medical exams. The life insurance portion is minuscule due to their age, so the premium amount chosen goes mostly into their cash value.
Example: The grandparents purchase a whole life policy for their grandchild and fund it over a 10 year period. They are the “owners” of the insurance policy. The parents are the beneficiaries of the policy in the event of death. The policy has a cash value component and grows at a guaranteed 4% rate (pretty good for most guaranteed investments!); after 10 years of premium payments, the policy is paid up forever.
The cash value continues to grow over the life of the child. No other payments ever need to be made. Here is where the legacy part comes in:
The grandparents can turn over the policy – in essence gift to policy and it’s cash value – when the child becomes an adult (at whatever age they choose). That cash value can be used for a number of things like college education, starting a business, or simply allowing it to grow as part of a retirement plan. In fact, a policy starting as a toddler and running into the ages of 70 or 80 will likely have significant values. I’ve seen illustrations going into the $300,000 range for a policy with a $10,000 investment. That’s a legacy!
Additionally, the value of lifetime insurance can’t be overstated. People can become uninsurable at any age due to illness and disease. These policies, once paid up, are permanent. They may actually be set up to increase the death benefit over years. Here is a case where the value to child turned adult can be significant for their family of the future.
Here’s the deal: I think it’s safe to assume that most people want a strong financial future for their grandchildren and children. The Legacy Gift is a tremendously generous way to get them started. Regardless of when they might utilize the cash value, your gift will have turned into significant money when it was most needed.
The fine print: Depending on how it’s structured, there could be a gift tax on the benefits. There are several ways to structure the policy to avoid that (e.g. trusts). This is part of the proper programming of it, and should be discussed at length. That being said, the guaranteed nature of the growth and protection is something I know we want for our grandchildren, so we are taking this route.
If you’d simply like to learn more about how the Legacy Gift might work in your family’s life, contact me. There’s no obligation; I’d love to talk with you about how you can make the difference in the lives of the children in your life.
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