Last summer, the Portland Press Herald ran a Washington Post story by Roxanne Roberts titled “Wealthy parents not afraid to let their heirs down” (Aug. 12), about the wealth transfer phenomenon playing out across the United States.

The article highlights the decision by many of the nation’s uber-wealthy not to leave everything to their heirs, citing the negative consequences of inherited wealth. It’s a trend that is turning into a great boon for nonprofit organizations, particularly in Maine.

According to the Boston College Center on Wealth and Philanthropy, over the next several decades an estimated $59 trillion will be passed from baby boomers (those born between 1946 and 1964) to their heirs and to charities. An estimated $29 billion will be transferred just in Maine, where moneyed families long ago recognized the natural beauty and established both seasonal and year-round residences.

Maine people are generous in their support of community needs. Many resonate with the concept of creating legacies by naming charities in their estate plans. In fact, Maine ranks third out of all the states in charitable giving through estate planning.

The 2014 Giving in Maine report, published by the Maine Philanthropy Center, revealed that in 2011, 40 percent of Mainers with taxable estates ($2 million and up) left a gift to charity – in contrast with 22 percent of estates nationally.

That’s great news for a state with more nonprofits per capita than most. Maine’s abundance of charities includes those addressing issues that result from generational poverty and the needs of vulnerable populations, those that protect our state’s unique natural resources, and still others that work to enhance the quality of and access to education and health care – all of which provide meaningful ways to be remembered.

WAKE-UP CALL FOR WOMEN

Baby boomers control 90 percent of the wealth in this country, and women already constitute a majority of boomers, at 51 percent. That will only increase, as the average life expectancy for women in the U.S. is 81 years of age, while the average for men is 76. And it gives women a tremendous opportunity to plan for their heirs, along with those charities about which they are truly passionate.

Women especially recognize what a privilege it is to benefit those less fortunate than themselves. But times of transition – such as a spouse’s death or the death of a parent – can be emotionally fraught, and important decisions are often delayed. At the same time, a balance between the best interests of heirs and support of nonprofits can be difficult to achieve.

Maine has many qualified professionals who can help you shape your legacy – accountants, attorneys, financial planners and trust administrators – all of whom are capable of implementing even the most sophisticated financial and estate plans.

I began my career as a philanthropic adviser in 1999; since then, the professional community working in the area of estate planning has strengthened to meet demand. The American College of Trust and Estate Counsel now lists 25 attorneys in Maine recognized by their peers as the best in the field of estate planning.

Professionals from these various planning disciplines regularly participate in continuing education opportunities offered by organizations such as the Maine Estate Planning Council and the Maine Planned Giving Council, which focuses on the niche area of charitable gift planning. Advisers of donors to the Maine Women’s Fund (for which I’m honored to serve as chief executive officer) work with them to craft meaningful gifts that can also provide optimal tax efficiency.

MAKING A DIFFERENCE

If you have yet to secure a plan for your assets, consider making a difference for those less fortunate, leaving a gift to help animals or preserve the environment, build educational opportunities or support health care access, or even a gift that helps to ensure the economic security and bright futures of Maine citizens.

When planning your estate, you want to provide for your heirs. But as Warren Buffett has said, the ideal inheritance to leave children is “enough money so that they would feel they could do anything, but not so much that they could do nothing.”

— Special to the Press Herald