Submitted by Lori Loch (Executive Director Community Foundation of Jackson County)
When planning your estate, you can take care of your family while also investing in your community.
What if there were a way to make a big investment in our community’s future by setting aside just a small slice of our assets today? Imagine being able to support local needs and amenities like housing, the arts and education with a gift that will grow and grow over time.
That is the opportunity we have today.
In our county, throughout the state and across the country, a historic transfer of assets is taking place over the next decade. This movement includes efforts to earmark a portion of that transfer for charitable endowments. A new study by the University of Minnesota and Iowa Council of Foundations* shows that in Jackson County alone, $236 million is projected to transfer from one generation to the next in the coming decade.
That is a significant amount our loved ones will inherit. If they live in Jackson County, they might decide to use some of that inheritance for local charitable causes. If they don’t, those assets will leave our community. The good news is that there is a way to ensure that after we pass, our family and our community will both benefit from the assets we have earned.
If everyone designates just 5% of their assets for the community, nearly $12 million would be retained for the benefit of Jackson County residents over the next 10 years.
These community endowments are invested and grow forever. With just 5% from each of us, they’ll pay out $14 million after 20 years to support our communities – and continue paying out forever. Payouts can help communities address issues like education, child care, and access to basic needs; support the work of local nonprofits; and jumpstart projects.
Ann and Kevin Burns have entrusted the Foundation with their charitable giving today and for years to come. “In addition to specific nonprofits, we support the Foundation’s grant making. We don’t know how needs will change in the future, but we trust the Foundation to help meet those needs through the wonderful nonprofits in Jackson County,” says Ann.
Many of us who have lived and thrived here consider this community to be part of our family. Taking care of the next generation doesn’t mean choosing between our children and our community – we can leave a legacy for both.
Partnering for Community Impact
Planning your estate, creating a will, and leaving a legacy can seem like daunting tasks. The Community Foundation helps people navigate this process and identify charitable causes that align with their values.
The Foundation is a partner to anyone who wants to invest in the place they love. We work with charitable-minded people to open funds that support causes they care about or contribute to existing funds that address an array of local issues, such as education, arts and culture, historic preservation and access to basic needs.
We host endowment funds that pay out to local nonprofits every year. For organizations in the community, these funds are lifelines, paying out an annual percentage so they can meet the needs of all people in our region. In 2024, these funds paid out $468,000 to support community causes.
Why it Matters
Often, people who inherit family assets live in or move to another city and/or state. As a result, these assets leave our community. Once these assets leave our county, they are gone forever. However, once a portion is endowed with the community foundation, it will remain here forever.
Setting aside 5% in charitable endowment funds will have a positive impact on your community and on you, thanks to the generous Endow Iowa 25% State Tax Credit.
Next Steps
The Foundation partners with individuals and their professional advisors to share insights about community needs and how gifts can be more than just a one-time benefit – they can be a lasting investment in the community.
Virtually any asset – including real estate, retirement accounts and securities – can be transformed into community impact, and gifts of any amount can make a difference for many. Plus, the Community Foundation offers complimentary estate planning services with Johni Hays of Thompson & Associates, which complement the partnership an individual has with their personal advisor. Johni is a nationally recognized expert in planned giving and works with people to create plans that reflect their values. Individuals then take these plans to their professional advisors, who can build them into a will.
Planning a legacy for your community starts with a simple call or email. Visit dbqfoundation.org/cfjc or call me at 563.588.2700.
