FREQUENTLY ASKED QUETIONS

 

 

1. WHAT IS AN INHERITANCE?

Generally, inheritance is known as money or property received from a parent.

When we speak of inheritance, we refer to an environment a child is born into and what gets transferred to them at a particular period, whether it be opportunities given to aid in the attainment of a child’s dream or fulfilment of their purpose or transferred during the lifetime or at the death of their parent.

 

2. WHAT IS VALUE BASED GENERATIONAL INHERITANCE (VBGI)

Generational inheritance transfer is the intentional designing, creating, implementing and transferring an inheritance that lasts through several generations.

 

5. It caters for the transference of two types of assets:
   • Financial assets - those assets that can be seen, touched or quantified, such as money, property and investments.
   • Non-financial assets - those things that are felt or experienced but are not necessarily seen, touched or quantified. Things like love, beliefs, values, character, heritage, culture and traditions.
5. It requires three things:
   • A desire to have an impact on family, business and community.
   • Vision that outlives the visionary and;
   • A willingness to define, create, implement and transfer an inheritance that transcends generations.
5. It balances rights and responsibilities of beneficiaries and
5. Is based on stewardship.

 

3. WHAT ARE THE OUTCOMES OF VBGI?

It has the following outcomes:

 

• Changing the narrative from lack to abundance.
• Giving loved ones a head start in life, free from the burden of black tax.
• Ensuring that future generations do not start life from square one but build on from an inheritance that already exists.
• Building a legacy that transcends generations.
• Relationships that promote the creation and transfer of inheritance.
• Heritage which gives a sense of identity to future generations (and includes history, vision, beliefs, values, life lessons and stories).
• Gaining peace of mind that comes from creating a foundation for future generations to tap into and build from.
• Transference of business structures and systems through generations.

 

4. HOW DOES VBGI DIFFER FROM ESTATE PLANNING?

Estate planning is based on the understanding that inheritance is property that is transferred from one generation to another. It recognizes only the transference of financial assets.

There is also a common misconception related to estate planning that only the wealthy can leave an inheritance whilst the average man and woman can just leave the family home for the children to share and can at most take out an insurance as a means of ensuring their children have money to carry them through life after they pass on.

VBGI is based on the understanding that both financial and non-financial assets are transferred through successive generations.

• Financial assets - those assets that can be seen, touched or quantified, such as money, property and investments.
• Non-financial assets - those things that are felt or experienced but are not necessarily seen, touched or quantified. Things like love, beliefs, values, character, heritage, culture and traditions.

 

5. ELEMENTS OF VBGI

It caters for the transference of both financial and non-financial assets.

1. It is intentional and requires:
   1. A desire to change the narrative.
   2. Vision that goes beyond one generation and;
   3. A willingness to define, create, implement and transfer an inheritance that transcends generations.
2. It is balanced in that it gives the freedom to reach for dreams and
   places a corresponding stewardship responsibility on a beneficiary to prepare to transfer the inheritance to the next generation.
3. It is meant to minimize and/or avoid:
   1. Inheritance falling into wrong hands.
   2. The chances of children blowing an inheritance and ending up in dire straits because they were not prepared for their inheritance.
   3. Avoiding the collapse of a business when the owner passes on because he did not share his vision or business systems with the family leading to a source of income being cut off.
   4. Siblings fighting over the family home.
   5. Broken family relationships and acrimony that sometimes lasts for decades and get passed on through generations.
   6. Children losing out on inheritance due to marriage systems parents contracted into.
4. It is about defining, creating and implementing a generational inheritance process that will ensure:
   1. Inheritance that transcends generations.
   2. Relationships that support Inheritance transfer.
   3. Securing assets for use by family.
   4. Creating and transferring business systems.
   5. It helps set parameters for personal, family and business relationships ensuring they do not negate but enhance the ability to pass on an inheritance that transcends generations.
   6. Ensures business succession.

 

6. COACHING

We offer coaching in VBGI and four key life transitions that impact on inheritance (i.e. marriage, divorce, death and career change).

 

Our coaching follows the DDIT Roadmap, a comprehensive, yet practical four step process that helps parents define, design, implement and transfer VBGI to their children and future generations.

 

1. 1. Generational Inheritance

With generational inheritance coaching, we assist clients define, design and implement their aspirations for inheritance transfer, including intentions, vision, values, heritage, life stories, community and charity.

 

1. 2. Marriage Coaching

The second most important decision a person makes after deciding who to marry, is deciding on the type of marital system to contract into. This, more than who you choose as a spouse, determines the kind of inheritance a person can create and transfer to their children and to future generations.

 

Marriage coaching helps clients navigate the complexities around firmly held beliefs, the law, culture and traditions to choose a marital system that will help them:

 

• Understand the legal implications of marriage.

• Understand how their choice of marital system impacts on the inheritance they create and can ultimately transfer to their children.
• Understand how a marital system affects a blended family
• Understand how a marital system determines the inheritance that will be transferred (and/or not transferred) to children to the extent of generations.
• Make decisions that will help them protect their estate against the threats of death, divorce, disability, fraud and insolvency.
• Preserve their estate for their heirs.
• Build an estate that can transcend generations, and;
• Create a lasting legacy and heritage.

 

1. 3. Divorce Coaching

Divorce can be said to be the second most devastating thing next to death. Unlike death, which is final because a loved one is lost forever, divorce has the consequence of ending an existing family unit yet without ending relations and interaction, particularly where there are children. It can be devastating not only on the parties involved but more extremely on the children.

 

Whilst divorce is generally a legal process, it involves more than the law. It involves finances as well as emotions which attach to a split in a family unit, change in personal status and relationships.

 

Unfortunately, the legal system is not designed to deal with emotions, it is only equipped with the ability to decree a divorce, order a division of the estate as well as make an order as to the care and contact of the children.

 

Divorce coaching is designed to assist people who are contemplating divorce, are currently divorcing or have been divorced. It helps to guide and empower them through the process of divorce as they make decisions and recover from its effects.

 

Through divorce coaching, we help clients navigate:

• Making the decision to divorce or stay in the marriage.
• An exit strategy should they decide to divorce.
• The divorce process and options.
• Choosing a divorce lawyer.
• Their emotions and needs.
• Their spouse’s needs and behaviour.
• Making decisions in the best interests of children.
• Division of assets and claiming of the pension fund interest.
• Making decisions and living post-divorce

 

1. 4. Rebirth Coaching

The loss of a loved one is the single most devastating occurrence in anyone’s life. It marks the end of a relationship in the physical realm and in most cases, places responsibilities on the shoulders of the surviving spouse, children and relatives. It is a time marked by both grief and rebirth.

Generational inheritance coaching is crucial at this stage to assist the bereaved make decisions about life without the deceased. It assists in:

• Understanding the administration of estate process.
• Ensuring clarity in decision making
• Developing strategies to carry on the legacy of the deceased.

• Ensuring loved ones can still enjoy the benefit of generational inheritance, whilst building on it for the future.

 

1. 5. Career change

There is a stage in life where people feel the need or are compelled to change their careers. This need or compulsion could be necessitated by a number of reasons, including the realization that they are in the wrong field, want to pursue their life purpose or because they just lost their job and have to find another means to earn a living.

 

Whatever the reason, a career change is not an easy transition to make, particularly when there are responsibilities to be taken care of like family and financial obligations. It may seem impossible or too risky to leave what appears stable and secure to pursue a dream or life purpose with no guarantee of success.

 

Career coaching helps in navigating the route, from making the decision to change career, actually leaving and starting something new. It helps in:

 

• Making the decision to change.
• Securing buy-in from family and all relevant parties.
• Putting systems in place to help with the transition.
• Implementing the decision.
• Dealing with challenges along the way.