Jul 16th, 2013

Community Foundation Unveils MO Transfer of Wealth Data

The Alliance of Missouri Community Foundations, of which the Community Foundation of Central Missouri is a vital partner, commissioned the Center for Rural Entrepreneurship to conduct a Transfer of Wealth study for Missouri and each of its 114 counties. Transfer of Wealth (TOW) commonly refers to the $75 trillion in the USA that is now transferring from one generation to the next. The Community Foundation of Central Missouri shared the Missouri data, and customized data for ten counties in Central Missouri (Audrain, Adair, Boone, Callaway, Cole, Cooper, Howard, Macon, Moniteau, Randolph), at four regional press events on June 25.  Customized press releases were made available for most media outlets in all ten counties. Every county in Missouri holds wealth of various amounts, and the question for holders of estates of any size is, “What will you do with it when it comes time for it to be transferred upon your passing?”  Only one Missourian in three, at present, has a will.  Often transferred wealth goes to the government in the form of taxes.  Often it goes to children who have moved out of state—and once that wealth leaves Missouri communities, it usually never returns.  What can be done to keep some of that wealth local to help keep hometown communities? The goal of sharing the Missouri TOW data is to get Missourians thinking about giving or leaving a portion of their estate, larger or smaller, to a charitable organization, like a local community foundation, for long term investment so that the earnings can be directed to hometown communities to strengthen those communities forever.  In his presentations, CFCM Executive Director John Baker shares the theme:  “Only 5%–For Good, Forever, For Missouri.” In Missouri alone, $135 billion will transfer by 2020, and $1.5 trillion by 2060.  If just 5% of those totals are given for charitable investment, and if those investments will return just 5% annually, then Missouri will receive $337 million in charitable “payout” every year by 2020, and $3.8 billion in charitable “payout” every year by 2060.  Every year—forever! Call John Baker at 573-817-5027 to discuss how your estate might create a charitable legacy in your own community.

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