Originally published on 10/11’s Pure Nebraska Program.
January is the time for resolutions and according to Nebraska Community Foundation, there’s no better time to get your estate plans in order. The new year is the perfect opportunity to consider how you can give back to the people, places and even the hometown you care about.
Less than half of American adults have a will, according to Gallup. That’s unfortunate, because estate planning is one of the most impactful ways to benefit an individual’s family and community after they are gone. Another gift planning survey conducted by Caring.com found that 34% of people aged 35– 54 have never discussed estate planning with anyone. That means, in the event of an untimely passing, family members are left to guess the wishes of their loved one, or worse, fight over them. Having a will in place is the best way to ensure wishes are met and loved ones are taken care of.
With a will, Nebraskans can decide how to use their estate to ensure their family’s security and hometown’s future. Many generous Nebraskans are beginning to treat their communities as another member of their family, recognizing the essential role their homeplace has played in improving their quality of life, and making charitable estate plans that reflect their gratitude.
Over the next 10 years in Nebraska, more than $100 billion will transfer from one generation to the next. Charitable gift planning is one of the simplest, most impactful ways to ensure at least a portion of the multi-billion-dollar transfer of wealth remains in the state. Nebraska Community Foundation suggests leaving 5% of one’s assets to local charitable causes. If everyone left just 5%, it would equate to $5 billion statewide in the next decade. These charitable resources could be used to further community and economic development, better local quality-of-life and improve the state for the next generation who call it home.
For those new to estate planning, Nebraska Community Foundation has extensive (and free) resources to help one familiarize with the many ways to make a charitable planned gift, some of which come with tax-wise benefits. Visit www.fivetothrivene.org to learn more about how you can create your own legacy in the place you love. Click on the “Transfer of Wealth Toolkit” for a free guide called “Planning Your Legacy.”
Meeting with an attorney or professional advisor is always recommended, however, Nebraska Community Foundation staff members are also always happy to discuss the ways Nebraskans can leave a legacy.
