In the next 40 years, our nation will experience an unprecedented transfer of wealth, as estates change hands from the Greatest Generation to the Baby Boomers, and then to their children and grandchildren. In Kansas, this transfer of wealth is estimated to be $79 billion by the year 2020. By 2064, this amount will increase to $598 billion! Now more than ever, we have an opportunity to strengthen our towns, cities, and counties.
There are three possible destinations for the transfer of these funds: heirs, charity, and taxes. Many people choose to allocate their entire estate to their children, but as more and more people leave the communities where they were raised and move out of state, much of this inherited wealth will leave Kansas. For communities to survive — especially in rural areas — it is important for Kansans to reinvest resources back into the places where they earned their living and enjoyed a good life.
Keeping just 5% in our state through community foundations could mean up to $4 billion that would go back into our towns and cities by 2020. Just imagine the possibilities for your own community! Check out the county-by-county transfer of wealth breakdown to see the potential amount that could be reinvested in your area.
With a little strategic planning by generous Kansans, and the help of our local community foundations, we can provide a brighter future for those who choose to make their lives here. Find out more about how you can leave a legacy in your community.