Nearly $5 billion will pass from one generation to the next in Cowley County over the next half century, according to the results of a study released this week.
A significant portion of that money will come from wealth amassed by a generation of baby boomers that invested, saved and plan to pass on their wealth, in many cases to their children or other family. About $6 million of that is projected to be transferred in just the next 12 years, according to the study.
Non-profits and community foundations should work to secure a fair portion of that money, one local official says.
“Our conservative goal is to secure five percent of the total amount transferred in the region by encouraging every resident to give together to our community foundation endowment or to local nonprofits,” says Pam Moore, executive director of Winfield-based Legacy Regional Community Foundation.
“Through this generosity, we have the potential to add 5 PERCENT of transferred dollars to our community foundation endowment in the next 12 years, which would help us provide grants to local nonprofits and ultimately strengthening our community.”
The Transfer of Wealth study was commissioned by the Kansas Health Foundation and conducted by the Center for Economic Development and Business Research at Wichita State University.
Future intergenerational wealth transfer for each county in Kansas was estimated based on a model initially created at Boston College. For more detailed information about the study, visit here.
According to the study, a statewide total of $598 billion will transfer from one generation to the next by 2060 and $66 billion will transfer by 2020. Five percent of this 12-year transfer would bring $3.3 billion to community foundations or local nonprofits across Kansas.
