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Nevada Transfer of Wealth to Build Charitable Endowments?

The great recession is over but are we really wealthy again?

Before I answer this question,  let me share some back-story.  In 2007 the Community Foundation of Western Nevada partnered with our sister community foundation in Las Vegas, the Nevada Community Foundation, and with the Nevada Commission on Economic Development to fund a study of the anticipated transfer of wealth on the horizon over the next 50 years, on a Nevada county-by-county basis.  That study estimated the generational transfers of wealth in Nevada to be $383 billion, and in the ten years between 2005 and 2015 the transfer would be $32.5 billion. We partnered with the State with the hopes of working in rural communities, many of whom have youth depart for college or employment, never to return.  The Community Foundation estimated that if the residents bequeathed just 5% of their assets to their community, over the 10 year period a statewide endowment of $1.6 billion would be established. Each county could establish its own endowment led by local citizen boards,and the income from the charitable endowments could be transformative. The endowment fund income could support entrepreneurship, scholarships for youth who would then return in service to their communities, and many other uses as locally determined. Our study was released in March of 2008, which couldn’t have been worse timing.  Since then I’ve been wondering when we might  begin working in rural communities to advance the idea of building a charitable endowment through estate gifts, which is working now in Nebraska and many other states.  I think the time is right. We don’t have a new Nevada specific study, but a national study conducted by the Federal Reserve System on household wealth shows that the population is wealthier.  In 2007 US household net worth peaked at $66.7 trillion, and then dropped to $56.5 trillion during the recession.  Now it’s back to $84.9 trillion, significantly higher than it was before the recession and a 50% increase from the low, which was in 2008.  While not all Americans have recovered, there is recovery. We’re exploring this work again and have some promising partnerships this time.  If you’d like to learn more please give us a call.  No matter whether you are in Western Nevada or rural Northern Nevada--the Community Foundation of Western Nevada is here to help you care, connect, and engage.  Call today to learn more. Chris Askin, President & CEO. Connecting people who care with causes that matter.