Minnesota Generational Transfer of Wealth Study SM Kim Embretson CFREAndrea Lubov

Growth in personal wealth74% first generation high net worth 276billionaires 350,000deca-millionaires

Growth in giving i n v e s t i n g i n c o m m u n i t y

Midwestern State Studies TOW done

Midwestern State Studies TOW done

The Study $41 trillion Transfer of wealth Nationwide through 2050:

The Study $41 trillion Transfer of wealth Nationwide through 2050: Transfer of wealth for all counties in Minnesota : $47.9 billion

  2000 census by counties   Selected sample wealth survey   Boston College Transfer of Wealth study   Andrea Lubov of Anton, Lubov, and Assoc.   Bob Bunger of HBH and Assoc. Transfer of Wealth Study © 2006 West Central Initiative Key demographics

  Last surviving spouse in family age 65 and older.   Total estate value of financial and non financial assets.   Average gift to charity through estates is 15%   Target goal of 5% of assets to CF or WCI Transfer of Wealth Study © 2006 West Central Initiative Important data by county

  Long time residents   Advisors for a local component fund   Professional advisors, such as lawyers, accountants, financial planners   Board members and staff of non-profits People with a vision for their communities Transfer of Wealth Study © 2006 West Central Initiative

Transfer of Wealth Study © 2006 West Central Initiative Transfer of Wealth in West Central Minnesota Becker County goal of donations to community fund or local charities in $ millions YearsTransfer5% goal $35.9$ $47.1$ $59.3$ $72.5$3.6

Transfer of Wealth Study © 2006 West Central Initiative Transfer of Wealth in Southwest Minnesota Kandiyohi County goal of donations to community fund or local charities in $ millions YearsTransfer5% goal $95.8$ $117.1$ $148.2$ $194 $9.7

Transfer of Wealth Study © 2006 West Central Initiative Transfer of Wealth in Northwest Minnesota Lake of the Woods County goal of donations to community fund or local charities in $ millions YearsTransfer5% goal $8.4$ $9.3$ $10.8$ $12.8$0.6

Transfer of Wealth Study © 2006 West Central Initiative Transfer of Wealth in Central Minnesota Stearns County goal of donations to community fund or local charities in $ millions YearsTransfer5% goal $192.6$ $225.6$ $272.2$ $334.8$16.7

Transfer of Wealth Study © 2006 West Central Initiative Transfer of Wealth in Northeast Minnesota Koochiching County goal of donations to community fund or local charities in $ millions YearsTransfer5% goal $27.4$ $30.1$ $34$ $38.7$1.9

Transfer of Wealth Study © 2006 West Central Initiative Transfer of Wealth in Southern Minnesota Fillmore County goal of donations to community fund or local charities in $ millions YearsTransfer5% goal $50.5$ $53.9$ $61.9$ $73.1$3.7

Transfer of Wealth Study © 2006 West Central Initiative Transfer of Wealth in Southern Minnesota Olmsted County goal of donations to community fund or local charities in $ millions YearsTransfer5% goal $229.3$ $274$ $339.6$ $433.8$21.7

Transfer of Wealth Study © 2006 West Central Initiative Transfer of Wealth in Metro Minnesota Ramsey County goal of donations to community fund or local charities in $ millions YearsTransfer5% goal $1,037$ $1,164.4$ $1,396$ $1,705.2$85.3

One family’s story Teaching charitable giving

› Opportunity to make charitable decisions as a family › Hands-on experience for each child to express giving preferences › Teach financial and community responsibility › Passing along family “giving values” to next generation Philanthropic goals: giving back people Teaching Charitable Giving

› 1994: set up with a gift of $200,000 › 1999: fund has grown to $250,000 › Two times each year the family meets to recommend charitable distributions › 1998: during the year, distributed more than $12,000 in grants to local community Philanthropic goals: giving back people Teaching Charitable Giving

How can it help you promote philanthropy? Minnesota Generational Transfer of Wealth Study