Initiative calls upon locals to consider nonprofits in estate planning

Initiative calls upon locals to consider nonprofits in estate planning

A new initiative is urging Kitsap residents to think about building a better future by bequeathing 10 percent of their worth to charitable organizations.

Leave 10 Kitsap calling upon community members to build their legacies by including charitable giving in their estate planning. The program is being led by 13 nonprofits, including Admiral Theatre Foundation, Bainbridge Community Foundation, Bloedel Reserve, Boys & Girls Clubs of South Puget Sound, Holly Ridge Center, Kitsap Community Foundation, Kitsap Humane Society, Kitsap Regional Library Foundation, Kitsap Rescue Mission, Martha & Mary, Olympic College Foundation, Seabeck Conference Center, and United Way of Kitsap County.

To help understand the potential for a program like Leave 10, the partner nonprofits commissioned a study to determine the cumulative household wealth in Kitsap County and how that money may transfer to a new generation over the next several years: The Kitsap Peninsula (Kitsap and North Mason counties) has a net worth of $93.6 billion spread among 106,000 total households. Per capita, this is higher than the average throughout most of the state or country.

Over the next 10 years, $12 billion will transfer to family or friends. If an overall 10 percent of this amount was left to charity, that would equate to $1.2 billion.

“The people of Kitsap County have proven, time and again, to be passionate supporters of the community causes and organizations that make life better for everyone. Leave 10 is another way to show that support through planned or legacy giving,” said Kol Medina, Chairperson for Leave 10 Kitsap and President & CEO of the Kitsap Community Foundation, which organizes the Kitsap Great Give.

“Leaving 10 allows you to write your own legacy story, one that includes making a lasting, sustainable impact to the community,” said Medina.

Leave 10 Kitsap suggests 10 percent as a starting point for legacy giving, but encourages individuals to allocate funds based on their personal situations. In addition, the group is working with financial planners and have assembled opportunities for nonprofits operating in Kitsap and Mason counties to collaborate on planned giving strategies.

“Leave 10, ultimately, is about building a better future for everyone,” said Jim Hopper, executive director of the Bainbridge Community Foundation. “All of the partner organizations and many of the other nonprofits in Kitsap will be around for decades or generations to come. The work they do represents the spirit of this community. We want everyone to be a part of that.”

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