The Naked Opus reveals a novel approach to estate planning— a more fulfilling, holistic, and purposeful way to pass your wealth onto your heirs and to ensure your wealth endures for generations to come.
We could not think of a better book to feature as part of our fall book series on The Impact Farming Show. With millions, if not billions, of farm assets needing to be transferred to the next generation, this book is the conversation that agriculture needs to be having.
In this episode:
- Chris shares his professional journey and how one day, after many years of successfully serving his clients he had a game-changing meeting with a client. What was this critical moment, you ask? It came one day after presenting a solid, technically based estate plan to a client that would save her hundreds of thousands of dollars in taxes. Chris was thrilled with the plan; however, he noticed that his client did not seem equally impressed. Chris asked her if there was something wrong with the plan, and she proceeded to tell him that while she was happy with the savings, the plan failed to account for her concerns on what this amount of wealth would do to the next generations. The problem? The estate plan was unable to account for the often-ignored "soft issues" of estate planning. His client wanted to create an estate plan where her wealth created a blessing and not a curse to the next generations. His client's feedback sent him on a mission. The result? Years of learning on how to create a more intentional and holistic estate plan. Word spread quickly, and Chris decided to write The Naked Opus, which shares a more holisitic way to plan, manage, and steward your wealth to the next generation.
- Tracy and Chris explore how farm business owners spend a lifetime accumulating assets and building wealth, not only to make a good life for themselves, but also to create a legacy for their family. They discuss why the estate planning process is so often inadequate to the task of helping farmers steward this wealth to the next generation.
- Traditional transition planning tends to focus on technical aspects, such as tax planning and trusts, leaving farm families feeling unsatisfying, even hollow, and frustrated.
- Instead of seeing transition planning as strictly transferring monetary wealth, Chris and his book introduce the four main components that should be factored into a successful transition plan; Financial capital, intellectual capital, social capital, and human capital. Intrigued?
- Chris and Tracy do a deep dive into their favorite lessons within the book, including the shirt sleeves to shirt sleeves phenomena and why this happens.
The Naked Opus sets out to transform estate planning from a technical moment designed simply to transition assets, into a creative process that fosters stewardship and continues to generate wealth for future generations.
Are you a farm founder? Are you looking to transition the farm to the next generation and need some guidance? If so, you will not want to miss today's episode...
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Are you interested in learning more about the principles in The Naked Opus? Make sure to grab a copy of this book today or enter to win your copy.
Get your copy of Chris's book today http://click2go.me/.2zcl6 or enter to win your copy.
Exciting News: For the fall books series, we are giving away copies of books from each and every author that we interview.
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