"We spend 40 to 50 years accumulating assets,
yet we will not take 40 or 50 minutes to plan how it should be distributed." 
- Robert Sharp, Sr.
Wealth Transfer

Over the next thirty years the largest transfer of assets to every occur in history will take place. Boston College has estimated that this could range from 11 to 41 trillion dollars. If even five percent of this were to be maintained in our local communities, it could generate permanent resources to strengthen and enhance the quality of life, especially in the rural South.

Wealth Migration

Alabama has relatively few philanthropic resources in the form of foundations or corporate giving programs as compared with other regions of the nation. However, Alabama is consistently ranked among the top five states nationally in the annual Giving USA survey. This is due to a very high per household giving ratio, which is rooted in a deep sense of stewardship. Yet we lag behind most of the nation when it comes to planning our giving or arranging for the distribution of our life's work. Thus, cities and towns in Alabama experience a "migration" of wealth unlike many communities in other parts of the nation. Thus, our wealth, both significant and simple, will continue to leave our communities.
 
The IRS Code allows citizens to personally direct their tax dollars to local charitable institutions or organizations through dozens of approved vehicles. Unfortunately, many of us fail to use these options; therefore, significant dollars are lost, further eroding much needed capital. Helping to change this outcome is the work of more than 750 community foundations across the nation such as the Community Foundation of Northeast Alabama.

We encourage everyone to have a will, hopefully drafted by an attorney who has expertise in estate or taxation law. Again, there are many deductions and credits that are lost by having a simple will that leaves assets to a spouse. Please see the Gift Planning Options on this site to learn more about the many ways you can maximize your giving to heirs or to make a charitable gift.