Nebraska is in the early stages of the biggest transfer of wealth in the state’s history. According to recent estimates, more than $100 billion in wealth in Nebraska will be transferred from one generation to the next by 2030. That number jumps to almost $1 trillion within 50 years. Many of these transfers will include charitable donations. Are your clients and their families prepared for this transition?
The Omaha Community Foundation makes it simple to plan for future charitable impact and to establish generational giving. Encouraging clients to have these conversations across generations not only informs families about future financial plans, it also allows them to feel included and excited about the plan, giving them a sense of ownership in family philanthropy.
“I encourage my clients who are interested in charitable giving to have that conversation with their kids about why we are doing this, and how the kids can have a role,” said Jonathan Grob, local estate planning attorney. “For a lot of clients, the local community is where their heart is. So, if they are going to have a local legacy it should be with people like those at OCF who know the community and who will always have an impact locally.”
When your clients are ready to establish their legacy giving, partnering with OCF can make your job easier because of our philanthropic expertise and deep knowledge of local needs and the nonprofit organizations that are working on solutions in our community.
There are a number of ways people can fund their legacy giving that have tax advantages:
- Wills or Trusts. Name a fund at the Omaha Community Foundation in your will or trust and work with us to craft your legacy.
- Legacy Donor Advised Fund. Create a fund at the Foundation where the next generation can advise on grant making to nonprofit organizations.
- Legacy Designated Fund. Create a fund at the Foundation where you define the longevity of the fund, structure of grant amounts, and preferences for grant designations, then our team will carry out these directives.
- Life Insurance Beneficiary Designation. Name a fund at the Foundation as the beneficiary of a life insurance policy or donate an existing policy.
- IRA Beneficiary Designation. Name a fund at the Foundation as a primary or contingent beneficiary of all or a portion of an individual retirement account.
Establishing a fund for legacy giving at the Omaha Community Foundation to support organizations that matter most to you or designating a legacy gift to an existing fund, like our Let Good Grow Fund, makes charitable giving easy for your clients and their family.
If you have any questions about charitable legacy planning or how the Omaha Community Foundation can bolster your philanthropic knowledge, reach out to me at 402-884-1757 or catherine@omahafoundation.org.
Disclaimer: This article provides an overview of the possible tax advantages of donating various types of assets and is not intended to provide tax or legal guidance. The Omaha Community Foundation recommends discussing these strategies with an accountant, financial advisor, or attorney.