Looking to leave a legacy? This South Sound charitable program can help you do that

Thinking about centers of wealth and philanthropy in Washington naturally draws your focus to Seattle and Bellevue, where riches have grown via business development and innovation on a global scale, producing some of the world’s wealthiest individuals and their prominent charitable foundations.

While perhaps not intuitively top of mind, the South Puget Sound area has generated substantial wealth as well. As the leading edge of Baby Boom Generation ages into their 80s over the next several years, a significant generational transfer of wealth will occur. In Pierce County, between 2021 and 2030, a recent study projected that $48.6 billion will transition upon the passing of current residents.

This generational wealth transfer is unfolding at a time of renaissance in some areas of the South Sound, but also a time of significant challenges in other areas that impact quality of living. A new campaign sits at the nexus between this ongoing transition of family assets and a growing opportunity to improve communities. On Sept. 24 at the South Sound Philanthropy Summit, the Leave 10 South Sound Initiative was launched to encourage a spirit of generosity among all residents to further develop vibrant, desirable places to live and work.

Leave 10 brings together nonprofit entities, professional advisors and individuals, to promote awareness of charitable giving and encourage people to earmark 10 percent of their assets for gifting to nonprofit organizations. If 10 percent of the expected wealth transfer in Pierce County alone over the next several years were allocated to local charities, it would add nearly $5 billion dollars of support to the organizations that are addressing the greatest needs in the community – from education to environment, basic needs to arts and culture. That level of committed giving would expand the ability to address root causes of prominent issues that impact or enhance livability.

As a financial advisor, nonprofit organization volunteer and board member, I have seen the impact of charitable giving both from the perspective of the receiving organization that then distributes money via grants to support community projects and programs and from the perspective of the donor. Whether giving $200 or $200,000, giving makes people happy. It helps them align their money, a representation of financial success, with their personal values, a representation of their life.

There are many paths to giving – some through global organizations, others working on a specific challenge or opportunity right in your neighborhood. Perhaps you’ve already explored what is most meaningful to you. If not, think about the community you want to see. What areas need support? Where can your donation have the greatest impact by directing more resources at a challenge?

It can be tough to identify the organizations or areas of interest that are most meaningful to you. When you have, make a bequest in your will. Taking this action will create an opportunity for you to make a clear statement of your values and the aspects of your community that you most want to support. Use your charitable intent to show your heirs what is important to you.

In most cases, family heirs won’t miss 10 percent of an inheritance. They might appreciate the story of why and where you decided to direct that 10 percent even more.

Some assets don’t pass by via the instructions of a will. If you have an IRA or employer retirement plan, you can make a nonprofit organization a direct beneficiary outside of a will. The same applies to life insurance policies.

You also don’t have to wait until your death to start or increase your charitable giving. You might feel personal satisfaction by doing more giving while living, witnessing how your contributions make a difference.

If you’re not sure of your capacity to give, have a financial plan completed that shows you how much flexibility you have. When planning, keep in mind that some of the largest tax benefits apply to giving from assets other than cash. Many nonprofit organizations can accept gifts of property, business interests, shares of investments, even art.

Talk to a professional advisor (CPA, financial planner, estate attorney) or nonprofit organization gift officer to optimize your charitable intent. If you don’t have a specific nonprofit entity in mind, work through a community foundation that addresses diverse challenges in many areas and can collaborate with other organizations to use your donations where the need is highest or to address themes of interest that you choose.

Invested wisely, your charitable gift can last far beyond your initial contribution. Working with nonprofits that have a long-term investment strategy can help sustain the impact of your gift for future generations.

To learn more about the Leave 10 Initiative and its mission to make the South Sound a vibrant community for every resident, visit SouthSound.Leave10.org.