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More Life Stories |
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Like many, Doug Nagel values his privacy. "Whatever you do, don't make it sound like I'm special," he demands. "But if my story can help get anyone off dead center, then it's okay to print it. Just tell everyone that they can't take it with them, so they might as well begin thinking about how they're going to distribute their worldly accumulation.
"I'm a ditch digger," he says. "All of my businesses revolved around digging ditches."
By 1985, Doug and Lois had created eight businesses, employing over 100 people. During 1986-1988, some of the businesses were sold and Doug semi-retired. "My stockbroker was the first one to call my attention to my estate. He told me I didn't need any more stocks, but rather an estate plan. Unless I created an estate plan, our children would be facing a tremendous tax bill. It just didn't make sense to give 50% to the government.
"This is where Barnabas came in. The Barnabas Foundation and our attorney showed us how we could give away virtually all our accumulation to the kingdom causes Lois and I have supported all our lives. At the same time, we were able to give our children the identical amount they would have received by purchasing a Life Insurance policy through an irrevocable Life Insurance Trust. We get the satisfaction of returning our assets to our Maker, who owns it all anyway.
"I encourage my friends to think about their estates in these terms. We believe, as stewards, that our goods are on loan from our Father. It makes good sense to work as hard at distributing our assets as we did accumulating them."
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