Time for Baby Boomers to think about leaving something behind

We are a much more mobile society than generations who were our age 30 years ago. And in 1993, those generations were much more mobile than generations living 30 years previous to that. It used to be that people went to school, grew up, and lived most of their entire lives within 60 miles — give or take a few — of where they were born. Today it would be rare indeed the person who would fit into that category. Children grow up, leave home, and today work at jobs across the U.S. and even the world. While that reality is interesting from a variety of perspectives, its financial implications have those in the world of financial management paying close attention. What is occurring across the United States today is a huge "transfer of wealth" from one region to another. As Baby Boomers grow older and pass on, their inheritance is split up to children living in all parts of the world. No longer is that inheritance finding its way back to children and heirs who live in close proximity to where their parents raised them. Thus, while Joe and Jane Smith lived in Northwest Ohio for decades and were regular contributors to the region's economy, when they die their estate is being distributed to a son in California, another in Oklahoma and a daughter who lives in Maine. Lost to the region are the taxes the Smith's paid while they were living, their tithes to the church they attended or the donations to the many charitable non-profits they supported over the years. And, one by one, those losses quickly add up. I was reminded of those thoughts recently after seeing a newspaper story about May being "Leave a Legacy" month. When our time on this earth has come to an end, how might each of us make a difference in the region, should we choose to do so. Consider this statistic for just a moment. The average Baby Boomer today is living in now their twilight years. In the next seven short years — by 2030 —– there is predicted to be a transfer of $68 trillion to mostly millennial sons and daughters. That is an incredible statistic. Some financial advisors are calling this potential reality the "largest transfer of wealth in the history of humankind." If you are of the Baby Boomer generation and interested in leaving this corner of the world a little better than when you arrived, might I suggest becoming acquainted with the Huron County Community Foundation. The foundation is a great vehicle to help residents preserve local assets and projects. As a former president and board member of a community foundation in Michigan, I saw firsthand the difference my community foundation was able to make in the community. I believe if you want to see a dollar stretched to its maximum potential to benefit a region, then a foundation is where you want that dollar placed. And it's not just that great foundation. How about your church or school or any other place where you might like to give back a little for what they have given you? Whether your money is in investments, real estate or collectibles like your Mickey Mantle rookie card, what happens to it after you are gone helps define your legacy. If you are interested in seeing it keep working for good in Huron County, give someone you would like to help a call. Bill Speer is a retired newspaper publisher from Alpena, Mich., who now lives in Findlay. His son, Jeremy, is the publisher of the Norwalk Reflector, Sandusky Register, Findlay Courier, Tiffin Advertiser-Tribune and Fostoria Review Times.