Foundation sees potential in bequests
By Bobbi Mlynar (Contact)
Originally published 01:09 p.m., May 13, 2008
Updated 01:09 p.m., May 13, 2008
Research results say that in Lyon County alone more than $4 billion will transfer from one generation to the next during the next 50 years. Emporia Community Foundation Executive Director Ken Calhoun hopes that some of that money will be shared with the foundation and other non-profit organizations in this area.
“Our conservative hope is to secure 5 percent of the total amount transferred within our seven-county area by encouraging every resident to join together in giving to either our community foundation endowment or to other local non-profits,” Calhoun said in a news release.
Calhoun said that the Kansas Association of Community Foundations announced the research results on Monday.
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, based on a model initially created by Boston College.
The transfer of wealth in Lyon County over a 12-year time frame is estimated at $705 million.
In previous generations, Calhoun said, people lived their entire lives close to their birthplaces. When wealth passed from one generation to the next, it stayed in that home area.
“This is no longer true,” he said. “Once the wealth leaves our community, it may never return, so we hope to encourage residents to designate a portion of their estates, 401(k) and IRA accounts or life insurance policies to the community foundation.”
More information about the study is available at www.kansascfs.org.
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