By AMELIEA DULANEY
Special to The Sun-Sentinel
The Community Foundation of Northwest Mississippi would like to share reasons to either write or revisit your estate plans. The last quarter of the year is the perfect time to either get a will in place, or revisit estate plans to ensure it still represents your philanthropic wishes.
1. Your family and/or heirs will thank you. According to studies, less than half of American adults have a will. And 40% of Americans don’t think they have enough assets to create a will. That means, in the event of an untimely passing, family is left to guess the wishes of their loved one. Having a will in place is the best way to ensure one’s wishes are met and that loved ones are taken care of.
2. Your community will thank you. Over the next 50 years in Mississippi, more than $55 billion will transfer from one generation to the next. In Tallahatchie County alone, $110 million is transferring in by 2065. There is always a transfer from generation to generation, as parents pass away and leave their estate to their children. But if the heirs no longer live where they grew up, that wealth may leave the county. Importantly, many Mississippi counties are approaching or are already in the midst of their peak transfer years. There is real urgency to act now in support of your home county.
As an example, the Community Foundation recently received a large six-figure estate gift from a former resident who cares about Bolivar and Coahoma counties. She did not forget about Mississippi even though most of her adult life was lived in London, England. The gift was made through her will.
3. The Community Foundation of Northwest Mississippi will help you. Charitable gift planning is one of the simplest, most impactful ways to ensure a portion of the multi-billion-dollar transfer of wealth remains in Bolivar County. The Community Foundation of Northwest Mississippi invites you to consider leaving 5%, or more, of your estate to the Community Foundation. These charitable resources will be used to further education, community and economic development, better local quality-of-life, and improve healthcare in Tallahatchie County for the next generations.
4. There are tax benefits for you. If you are a resident of Mississippi or own a business located in Mississippi, you may be eligible for a 25% on the dollar state income tax credit for donating to an endowment. The program is called Endow Mississippi and is available through the Community Foundation of Northwest Mississippi.
5. Next steps for you. Meeting with a professional advisor is always recommended and encouraged.
The Community Foundation of Northwest Mississippi offers free information to help you get started.
Contact the foundation Office at 662-449-5002 or e-mail strout@cfnm.org and request information on writing a will.
If you have already named the foundation as a beneficiary in your estate plans, contact Stacye Trout to receive a Legacy Society membership application.
