Share the Wealth, and Keep Some of it Here
Following the Great Depression and World War II, the United States entered a golden age of business growth and personal prosperity. Despite the recent downturn in the economy, Americans have created, invested and multiplied unprecedented private wealth. Over the next 50 years, this capital—a conservative estimate of $50 trillion—will change hands. For northeast Michigan, that means most of the $16.27 billion expected to transfer will certainly go to heirs (and taxes), but a portion may be preserved as your legacy for the future of northeast Michigan.
Research has been done by the Rural Policy Research Institute (RUPRI) Center for Rural Entrepreneurship, and funded in part by the W. K. Kellogg Foundation, estimating the portion of wealth transfer likely to happen in our state and community. If we could hold on to 5% – (just 5%!), our communities would be better for it.
That’s why the Community Foundation for Northeast Michigan and its affiliates are working to secure planned gifts and bequests for endowments that will ensure a stronger future for northeast Michigan, forever. If we don’t take action, much of those assets in northeast Michigan will drain from our state.
No matter whether your estate is large or small, plan a portion of it to go back to your community. You can work with your professional advisor to work out the details or it can be as simple as a bequest in your will of a percentage of your assets to go to the Community Foundation to support your community. If we who live in northeast Michigan don’t make plans to support it, who will?
If you would like more information about the Transfer of Wealth, contact our office.
