What is the transfer of wealth?

Many people reach a point in their lives when they consider how they want to give back to their community. They reflect on their success and seek opportunities to leave a legacy in ways that are meaningful to them.

In previous decades, that wealth largely remained in communities because generations of families stayed close to home. But today, as families grow and move away, rural communities in particular are seeing generational wealth leave with them. 

The process of those assets changing hands as they go from one generation to the next is called the transfer of wealth, and it represents an incredible opportunity for rural Illinois communities.

According to a 2020 study, about $1.3 billion in Knox County and $916 million in Warren County is estimated to change hands in the next decade.  If just five percent of the 10-year transfer of wealth was captured into community endowments, an estimated fund of $646 million would be established—meaning that with a conservative 5% payout rate, $32 million would be available annually for the good of our region.

Imagine the impact if some of that money, even a fraction, stayed in our rural communities like Knoxville, Roseville, Williamsfield, Monmouth or Alexis—in the communities where that wealth was built.

“I’m glad the resources we’ve been blessed with will stay in the community, now and forever.”

- Barb McClean

How to keep community wealth here forever

At Galesburg Community Foundation, we care deeply about what happens to the money that changes hands during this unprecedented transfer of wealth. We—like you—want it to do good things and be a powerful tool for positive change in your community.

The possibilities are endless, but this work cannot happen without you. Your Community Foundation is a place where ideas launch and people come together to better the lives of their neighbors.

Joshua Gibb

Let's connect

To learn more about the transfer of wealth and what you can do to make positive change in your community, call Joshua Gibb, President & CEO, at 309.344.8898.

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Haley Sloss

Charitable Giving Coordinator

Short Bio

Haley provides support to enhance the function and success of the Charitable Giving and Affiliate Teams. She ensures donors receive a personal approach to philanthropy through outstanding customer service by supporting charitable giving for donors and fund holders across the state.