Wealth Well Done

E77: Stewarding Wealth Across Generations - Preparing Your Heirs for Inherited Wealth

Look deeper than the technical details of estate planning and explore the biblical principles that should guide how we transfer wealth to the next generation. 
Far too often, estate plans focus solely on tax strategies and asset protection, without considering the spiritual and relational impact on heirs. But the Bible warns against simply handing down wealth without also passing down wisdom.
Listen as your host, Eric Scovill, unpacks practical ways to ensure your estate planning aligns with godly stewardship, cultivates responsibility in your heirs, and prepares them for the burden and privilege of inherited wealth. 
[00:00] Introduction
[02:38] Revocable living trusts and their benefits
[06:30] Irrevocable trusts and their tax implications
[12:50] Generation-skipping trusts and QTIP trusts
[18:14] Community property and per stirpes vs. per capita
[24:27] Step-up in basis and its political implications
[27:57] Biblical considerations in estate planning
[33:47] Seeking financial counsel from the Bible

E76: Essential Estate Planning Insights for Protecting Your Family's Future

Safeguard your family's future by learning about the essential elements of effective estate planning in this episode. Discover the importance of selecting the right guardians and trustees to carry out your wishes, and learn about strategically timing asset distributions to your beneficiaries. Eric also discusses the value of crafting a personalized cover letter to communicate your core values and desires.
[00:00] Introduction
[03:03] Estate planning and establishing a living trust
[08:18 ] Selecting guardians and trustees to carry out your wishes
[11:02] Timing asset distributions to your beneficiaries
[15:04] Crafting a personalized cover letter to communicate your values
[17:48] Sample cover letter of a trust
[25:30] Things to consider when establishing a trust
[27:52] Sample calculations to determine appropriate trust funding

E75: Navigating Wealth and Faith From a Biblical Perspective

Are your finances aligned with God’s word? In this episode, Eric Scovill explores some biblical teachings on wealth and faith. He challenges us to reflect on the true meaning of belief, the role of works, and the call to a deeper level of discipleship. Explore topics like the parable of the great banquet and the importance of loving God and neighbor. Listen now and let's grow together in our understanding of biblical stewardship. 
[00:00] Introduction
[02:35] How finances can be a measure of the heart
[05:12] Statistics and biblical teachings on Christian giving
[08:47] The concept of belief and works
[14:55] The role of fear and reverence in faith
[19:00] The danger of over-simplifying our faith
[25:00] The role of repentance and relationship with God
[31:28] The importance of loving God and our neighbors
Resources Mentioned:
The Treasure Principle by Randy Alcorn

Wealth Wisdom: Tax Strategies for Business Owners and Investors

Taxes are one of the biggest expenses for business owners and investors. In this episode, we'll discuss strategies you can legally use to reduce your tax bill and keep more of the money you earn. We'll cover retirement accounts and how to maximize tax benefits, depreciation, and how real estate investors can lower their taxes, as well as tax credits and incentives for business owners. Learn how to partner with the IRS using legal tax loopholes and how to select a tax professional to help you implement strategies.
Here are some topics from today’s discussion:
The compound impact of taxes on your wealth
How to qualify and select a CPA
How to use the Augusta loophole
How to partner with the IRS
Roth IRA vs. traditional IRA 
The 1031 exchange
How to use accelerated depreciation
How to use bonus depreciation to offset taxes
 
Episode Highlights:
[02:46] The Compound Impact of Taxes on Your Wealth
Effective tax planning can have a significant impact on your wealth. For instance, by reducing your taxable income from $600,000 to $50,000 and owing $50,000 in taxes instead of $200,000, you would have an extra $150,000 available for investment. Over time, compounding this additional amount at a growth rate of 12% can significantly boost your long-term net worth. Smart tax strategies and strategic investments can make a massive difference in securing your financial future.
[06:07] Qualifying and Selecting a CPA: Strategies for Business Owners, Real Estate Investors, and Philanthropists
Determine the Expertise Quality: When considering hiring a Certified Public Accountant (CPA), it's important to recognize that the expertise level can greatly impact both the service quality and the overall cost. To ensure you find the right CPA for your needs, take the time to qualify them through an interview-like process.
Assess Proactivity: One way to evaluate a potential CPA is by understanding their approach to proactivity. Discuss with them how involved you and your financial team realistically plan to be and inquire about their go-to strategies for business owners, real estate investors, and philanthropists.
Explore Philanthropy Strategies: If philanthropy is of interest to you, bring up the topic during the meeting with the CPA. They may introduce the concept of "bunching," which involves maximizing deductions by combining charitable contributions into a single year to surpass the standard deduction threshold. For example, instead of donating $15,000 to a charity each year, consider giving $30,000 every other year, taking advantage of higher deductions.
Gift Appreciated Assets: Another strategy to discuss with your CPA is gifting appreciated assets instead of cash. By donating appreciated assets, such as stocks or property, you can increase your deduction while avoiding capital gains tax. This allows you to give more to the charity while reducing the government's share.
Choosing the right CPA who understands your unique needs and can provide expert guidance on tax strategies specific to your situation is crucial for maximizing your financial outcomes. Make sure they are familiar with strategies specific to your situation, like S corps for business owners or opportunity zones for real estate investors. Finally, consider how up-to-date they are on the latest tax laws and incentives. An experienced CPA should stay on top of changes in the tax code.
[34:19] How to Use Bonus Depreciation to Offset Taxes
Bonus depreciation allows you to take upfront depreciation on passive income, potentially offsetting passive gains with large passive losses. If you can't fully utilize the passive loss in one year, it can be carried forward to future years. However, if you have real estate professional status, you can convert the passive loss into an active loss, offsetting active income instead. This allows you to reduce taxes at a higher rate compared to offsetting passive gains.
Resources Mentioned:
Nth Degree CPAs
 

E74: Exploring the Depths of Praying in Jesus' Name

Have you ever wondered about the true meaning and power behind praying "in Jesus' name"? In the latest episode of the Wealth Well Done Podcast, Eric Scovill is joined once again by Pastor Isaac Schafer as they dive deep into the biblical concept of "name theology" and what it means to align our prayers with the character and will of Christ. Take this challenge to move beyond the mindless repetition of these words and truly understand the weight and significance they carry.
[00:00] Introduction
[03:46] Biblical references and challenges to salvation
[09:25] How salvation is evidence of our love for Yahweh
[14:47] The power and meaning of  “in Jesus’ name”
[18:11] Understanding the name theology
[23:45] How to pray in Jesus’ name
[28:32] Praying in accordance to who Jesus is
[35:39] A prayer for listeners

E73: Reconciling the Gentle and Fierce Nature of Jesus

In this episode, Eric Scovill sits down with Pastor Isaac Schafer as they delve into the multifaceted portrayal of Christ in Scripture, exploring the tension between the gentle, loving Jesus and the fierce, conquering King. How do we reconcile these seemingly contradictory aspects of His character? 
Join us as we unpack the depth and complexity of the Savior's nature, and discover the importance of pursuing a relationship with the unchanging God who demands our utmost loyalty and devotion.
[00:00] Introduction
[04:16] Exploring Psalm 40 and its implications
[11:00] The dual spiritual nature of the cross
[16:55] Reconciling God’s wrath and mercy
[23:21] What it means to understand with discernment
[29:28] The need for a balanced view of Jesus
[33:50] Defining loyalty to Yahweh
[39:15] Having the intention to really know Yahweh
 
Resources Mentioned:
Gentle and Lowly by Dane Ortlund

E72: Empowering Families Through Ethical Technology and Homeschooling

The Freespoke team is back again, joining Eric Scovill, to tackle the critical issues of our time. From combating information suppression and the dangers of pornography, to the transformative power of homeschooling, this episode is a must-listen for anyone seeking to navigate the digital landscape with wisdom and discernment.
In a world where information is power, the battle for truth has never been more crucial. Prepare to be inspired and empowered as we explore practical and spiritual ways to steward our wealth and our lives well.
[00:00] Introduction
[02:23] The truth behind information suppression happening today
[06:42] The role of pornography and technology in society
[12:27] How Freespoke is combating child porn and child sexual abuse
[21:39] Homeschooling as a choice for education
[29:55] Choosing to homeschool out of freedom, not fear
[35:43] Navigating political searches and information
Resources Mentioned:
www.freespoke.com 
Fight the New Drug

E71: Navigating the Digital Landscape with Freespoke

In a world where information is power, how can we ensure we're accessing the truth? In this episode, we dive into the world of online search and information consumption, exploring the challenges posed by the current digital landscape and the solutions offered by Freespoke, a search engine competitor to Google. 
From the importance of balanced perspectives and critical thinking to the need for privacy protection and reliable information, this conversation sheds light on the complexities of navigating the digital age and empowering ourselves and our families to make informed decisions.
Here are some topics from today’s discussion:
Introducing Freespoke and its unique approach to search
Addressing the fear and information overload during COVID-19
Balancing holistic and Western medicine perspectives
The role of social media and influencers in shaping information
The importance of debate and critical thinking
Practical steps for seeking and evaluating information
The benefits of Freespoke in providing balanced, privacy-focused search
Episode Highlights:
[03:14] A Balanced, Privacy-Focused Search Alternative
Freespoke aims to provide a balanced, privacy-focused alternative to Google  by always showing both left and right perspectives on topics, fully protecting user privacy, and avoiding the display of pornographic content. It also aims to address the challenges of finding alternative perspectives on topics and protecting children's online safety, which many parents, especially mothers, are concerned about as young kids gain increased access to the internet.
[11:02] Navigating Health Information During COVID-19
The COVID-19 pandemic amplified the challenge of navigating health information, as the overwhelming influx of data and lack of critical thinking skills led many, especially mothers, to struggle with discerning truth from misinformation.
[35:48] Freespoke Aims to Provide Balanced Search Results by Highlighting Both Sides of Issues
Search engines operate at a fundamental level based on recency and relevancy. This means that the search engine algorithm is designed to prioritize and display the most recent and relevant results for a given search query. However, this can sometimes lead to mainstream or popular sources being favored over less well-known but potentially valuable alternative perspectives. Kristen explained that Freespoke aims to address this by ensuring that both left-leaning and right-leaning content are presented side-by-side, allowing users to see a more balanced view on various topics.
Resources Mentioned:
www.freespoke.com 

E70: Stewarding Your Health and Wealth: Practical Wisdom from a Naturopathic Perspective

Are you ready to uncover the lies you've been told about your health and discover a transformative path forward? In this episode, Eric Scovill is joined again by Dr. Ryan Hewkin, a Christian chiropractor and co-host of the Natural Parents Podcast, who shares his transformative journey toward true health. 
Diving deep into the biblical principles of stewardship, Ryan unveils the three biggest lies we've been told about our well-being and the practical steps we can take to reclaim our God-given vitality. From the power of nutrition and fasting to the importance of naturopathic and chiropractic care, this conversation offers a holistic, faith-based approach to optimal wellness.
Here are some topics from today’s discussion:
The three biggest lies about health: pills make you healthy, symptoms always require treatment, and your health is someone else's responsibility
The remarkable benefits of fasting, both from a physical and spiritual perspective
The role of naturopaths in addressing root causes and the importance of finding the right practitioner
The history and philosophy of chiropractic care, and how it can impact overall health
Episode Highlights:
[08:34] The Importance of Consuming Real, Natural Foods
When you eat an apple or another whole food, your body recognizes the organic compounds and knows exactly how to break them down and utilize them. However, with highly processed foods that contain long lists of artificial ingredients, your body struggles to properly metabolize these foreign substances, leading to potential health issues. Ryan says you don't need to spend a lot of money to eat well - simply focus on whole, minimally processed foods from nature that can provide far more nutritional value than the cheap, shelf-stable options found in packages. 
[13:44] The Power of Fasting
Delving into the benefits of fasting, Ryan explains how it can improve glucose sensitivity, allowing the body to better regulate blood sugar levels. He highlights the spiritual aspect of fasting – the opportunity to grow in reliance on God's sustenance and to humble oneself before the Lord. He shares remarkable stories of how fasting can even aid the body in consuming harmful cells, showcasing the remarkable design of the human body.
[26:18] The Three Biggest Lies We’re Told About Health
Dr. Hewkin identifies the three major lies we've been told about health: (1) that pills make you healthy, (2) that symptoms always require treatment, and (3) that your health is someone else's responsibility. He emphasizes the disconnect between the high medical spending in the U.S. and the poor health outcomes, challenging the notion that more pills and procedures are the answer. Instead, he encourages us to trust our body's innate ability to heal itself and take responsibility for our own well-being.
Resources Mentioned:
https://excelsiorhealthcenters.com/ 
The Natural Parents Podcast

E69: Unlocking the Body's Wisdom with Dr. Ryan Hewkin

Are you listening to your body’s wisdom? In this inspiring episode, let’s dive deep into the wonders of the human body and explore the holistic approach to health and wellness with renowned natural health expert, Dr. Ryan Hewkin. 
Prepare to be amazed as Ryan shares his wealth of knowledge on the incredible design of our bodies, the importance of gut health, and practical steps to optimize your overall well being. He also challenges conventional wisdom and sheds light on the biblical perspective of health, empowering us to become better stewards of the temple that is our physical body. 
Here are some topics from today’s discussion:
The biblical perspective on health and the order of priorities
The powerful role of fevers in fighting infections
The intricate brain-gut axis and its impact on mental health
7 practical steps to support overall health and wellness
The importance of rest, hydration, and movement for optimal physiological function
Challenging conventional wisdom and embracing a more holistic approach to wellness
 
Episode Highlights:
[07:43] Natural Health is True Health
Ryan challenged the dichotomy between conventional and alternative medicine, recognizing true health aligns with how our bodies were designed by God. He acknowledged modern advancements but emphasized a conservative, biblically-rooted approach that sees the body as a temple, fearfully and wonderfully made. By aligning our lives with God's design, we can unlock optimal wellbeing and become better stewards of our physical bodies.
[08:36] Natural Health is True Health
In a chiropractic school experiment, Ryan grew bacteria in petri dishes at different temperatures. At normal body temperature, the bacteria thrived, but when the temperature was raised to mimic a fever, the bacteria were completely inhibited and unable to grow. This is because higher temperatures disrupt the delicate balance of bacterial cells, affecting their cellular structures and processes. Our bodies use this same mechanism when we experience a fever, creating an inhospitable environment that slows or stops the spread of harmful microbes. It is the perfect example of just one way that our body is always working for us, not against us.
[20:10] The Brain-Gut Connection and Its Impact on Mental Health
The brain and the gut are intimately connected through the brain-gut axis, a communication pathway mediated by the vagus nerve. This intricate relationship means that the health of our gut can significantly impact our mental wellbeing, influencing conditions like anxiety and depression. By understanding the crucial role of gut health and the body's natural defenses, we are empowered to take a more proactive approach to supporting both our physiological and psychological well being. Addressing gut health is essential for optimizing overall health and unlocking the mind-body connection.
[27:17] 7-Step Guide to Gut Health and Beyond
Adaptability: Getting checked by a neurologically focused chiropractor and practicing breathing exercises to help the nervous system adapt to stress.
Detoxification: Working with a functional medicine or root cause practitioner to identify and remove toxins, heavy metals, parasites, and other underlying issues.
Nutrition: Focusing on consuming nutrient-dense, whole foods to nourish the body.
Hydration: Drinking filtered water to avoid environmental toxins present in tap water.
Rest: Prioritizing quality sleep and establishing a healthy sleep-wake cycle.
Mindfulness: Taking time for self-reflection and being attuned to the body's needs.
Movement: Engaging in physical activity to support the body's natural functions.
Resources Mentioned:
https://excelsiorhealthcenters.com/ 
The Natural Parents Podcast