When it comes to strengthening our local communities philanthropy is a critical tool to employ. Here’s how our team is working to keep wealth local as a means to ensure our communities are healthy for generations to come.
Why does talking about and thinking about philanthropy matter? What does it mean to “combat the Transfer of Wealth”?
Philanthropy can be a catalyst for positive change that impacts lives. Philanthropy used as a tool to combat the Transfer of Wealth is one of the most significant ways to help our communities be prepared for the future and ensure that local wealth remains local, because the Transfer of Wealth is defined as assets move from one generation to the next. And, unless the current wealth-holders plan otherwise, much of the wealth grown on Illinois soil will eventually flow to heirs who have planted themselves in urban areas in Illinois or in other states. Combatting the transfer of rural wealth can appear daunting. More than $15.4 trillion (yes, trillion with a “t”) are estimated to transfer by 2030 out of our rural communities across the country. That’s why having conversations around how to keep rural wealth here in our communities, where the wealth was built, are numerous—and critically important.
How can philanthropy combat the Transfer of Wealth?
Planning for the future is a great way to help combat the Transfer of Wealth. Working with a community foundation like ours can help you consider the communities and causes you love as you make your will and estate plans. By naming the Community Foundation or a fund at the Community Foundation in your will or estate plans you can ensure that your wealth stays local and benefits the causes you care about. Often when people do this they establish an endowment fund. An endowment fund is a permanent fund in which the principle of the fund is invested and never touched. The investment income from the fund is then used for the causes you designated in your estate plans. It’s a thoughtful and permanent way to ensure that what you care about can continue forever.
What is Galesburg Community Foundation doing to combat the Transfer of Wealth?
Keeping wealth permanently in our communities is part of every conversation we engage in. Working to help our community members ensure that the causes they care about can continue forever is a major part of our work. We are always glad to work with your professional advisor to ensure that your gifts make the most sense for you and benefit the causes you care about most. We’re also glad to welcome donors who leave Galesburg Community Foundation or a fund at Galesburg Community Foundation in their will or estate plans into our Bickerdyke Society. The Bickerdyke Society celebrates generous community members who are giving back to their community.
Are you interested in learning more about how you too can contribute to combatting the Transfer of Wealth? If so, give our office a call, send me an email or feel free to stop by our office, where the coffee is always on.