Hot Topics: Tax Credits
KACF Members welcome a dialogue with legislators and other partners in order to find creative ways to preserve wealth in Kansas so that permanent sources of funding are available to meet important needs in Kansas today and tomorrow.
The State of Kansas is at a critical juncture in terms of its philanthropic potential: $66 billion will be transferred from one Kansas generation to the next by 2020, most of which will be lost to federal estate taxes or transferred out-of-state where the family heirs have relocated. We face an urgent need to capture a portion of the intergenerational transfer before it leaves Kansas forever.
Community Foundations provide an instrument for preserving capital in Kansas during this transfer of wealth. If only 5% of the estimated wealth transfer is captured, $3.3 billion could be preserved in community foundation endowments to be reinvested in Kansas communities into perpetuity. Collectively, we need to find a way to provide incentives for local citizens to Endow Kansas.