50 NEBRASKA CATTLEMAN April/May 2024 PEERS THE TRANSFER OF WEALTH IN NEBRASKA JANA JENSEN | NEBRASKA CATTLEMEN FOUNDATION FUNDRAISING COORDINATOR Over the next 10 years in Nebraska, more than $100 billion will transfer from one generation to the next. In 50 years, that number exceeds $950 billion. This phenomenon has come to be known as the intergenerational transfer of wealth. There is always a transfer from generation to generation as parents pass away and leave their estates to their children, but if the heirs no longer live where they grew up, that wealth may leave as well. Importantly, many Nebraska counties are approaching or are already in the midst of their peak transfer years. In other words, there is real urgency to act now. The opportunity will never be greater. As you read the following information, think about what legacy you would like to leave. Do you want to benefit your community, your church, the local school system, FFA, 4-H or perhaps the beef industry through the Nebraska Cattlemen Foundation? The Nebraska Community Foundation has completed three Transfer of Wealth studies. The first in 2002, the second in 2011, and the third and most recent in 2021. The studies continue to show that Nebraska has wealth; wealth is growing and there is plenty of wealth to give and share with the things that are near and dear to our hearts. What is the transfer of wealth? It’s a nice euphemism to say that someone has passed, and their money and assets will be passed onto someone else, usually the next generation. So why is it important to acknowledge the transfer of wealth? Because it is vital to leave some, if not all, of the wealth where it was made and accumulated to ensure the future of Nebraska. One of the most poignant stories I have heard to explain the impact of the transfer of wealth is about a person who dies with no local relatives. Condolences are shared, the funeral is held and the next day, the out-of-town heirs stop by the bank to close out the accounts, taking those assets with them. These assets will likely leave the community forever, never to return, never to benefit the people, the community, the industry or the state in which that wealth was built. While those assets may have belonged to that one person, that wealth was accumulated with the help of the entire community, whether it was the employees in the company or the customers of the business. Family was more than likely involved at some level, and the community where the business CONTINUED ON PAGE 52 CONSIDER THIS
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