| Transfer
of Wealth
Securing Our Future
The power of
giving together.
In
50 years, $972
billion
is expected to pass from one generation to the
next in Michigan. In just 10 years, $140.6
billion
will have transferred. In Emmet
County, the projected transfer during the next
10 years is $620 million.
National
research estimates
a $53 trillion transfer of wealth across the United
States. But while the average transfer nationwide
will peak after 50 years, wealth transfer in many
Michigan counties will crest in twenty to thirty
years . In Emmet County, the greatest
wealth transfer will likely happen between now
and 2030.
Click
here to see chart.
Much of this wealth
is currently invested in family homes and farms,
retirement accounts and other appreciated assets—some
of which may be heavily taxed if given to heirs.
A one-time
opportunity to create permanent benefits for northern
Michigan
If
only 5% of local wealth were earmarked for charitable
endowment over the next 10 years, a $30.97 million
fund would be gained and would generate millions
every year for community projects and
priorities in Emmet County —forever.
The Petoskey-Harbor
Springs Area Community Foundation invites you
to secure our future by building the Community
Endowment Fund—an endowment dedicated to improving
quality of life in Emmet County.
When you give through
the Petoskey-Harbor Springs Area Community Foundation,
we can establish a fund in your family name, in
the name of a loved one, or the name of a cause
that's important to you. Endowed funds last forever
and grow over time because the principal is never
spent. Earnings are used to make grants in the
name of your fund—creating a legacy of giving
in the Little Traverse Bay area. Learn
more about endowment .
Ways
to give
If you are retired,
a planned gift from your estate may be more attractive
to you and your family than a large gift today.
You can leave a permanent legacy of giving, be
a source of pride to your family and join others
like you—building a stronger community.
Three easy ways
to make a planned gift to your Community Endowment
Fund include:
•
Designate
your local community foundation as the beneficiary
of your IRA, 401(k) or other retirement
account
These assets can lose up to 70% of their value
when passed to heirs; changing the beneficiary
designation does not involve modifying your estate
plan.
•
Designate
your local community foundation as the beneficiary
of a life insurance policy
There is no need to modify your estate plan.
•
Ask your
attorney to add the community foundation to your
estate plan
Talk to us and your
professional advisor to learn about all of your
giving options and choose the one that's right for
you and your community.
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