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In the next 50 years, $1.07 trillion is expected to pass from one generation to the next in Ohio. In just 10 years, $160.5 billion will have transferred.
National Research projects a $53 trillion transfer of wealth across the United States. But while the average transfer nationwide will peak after 50 years, wealth transfer in much of Ohio will crest in twenty to thirty years.
In Lorain County the greatest wealth transfer will likely happen between 2030 and 2035.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 Lorain County.
If only 5% of local wealth was earmarked for charitable endowment, the resulting $170,000,000 of would generate millions every year for community projects and priorities in Lorain County - forever.
The Community Foundation of Lorain County invites you to secure our future by building an endowment that can Touch the Future to improve the quality of life and quality of place that is our community.
When you give though the Community Foundation of Lorain County, 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 Lorain County. Learn more about endowment!
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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 Legacy Fund include:
* Designate the Community Foundation of Lorain County 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 the Community Foundation of Lorain County as the beneficiar of a life insurance policy. Again, 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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