5% Invested Forever

Top photo: Jodi Weber and her grandson attend our July Legacy Social with guest speaker Mark A. Weber. Click here to read more.

When Dubuque residents Jim and Jean Gantz began making their estate plans, they knew they wanted to ensure that after they passed, their adult children would be taken care of. Like many families, they set aside portions of their assets to transfer to their children.

They also knew they wanted to support the community that has supported them. After developing a plan for their children, Jim and Jean made a plan for Dubuque. As a result, a portion of their assets will transfer to endowment funds at the Community Foundation of Greater Dubuque to support causes and organizations they care about.

“In planning for our children’s future, we learned that we could get life insurance for reasonable premiums and use required minimum distributions from individual retirement accounts to pay the insurance premiums,” says Jim, retired owner of a fourth-generation family business. “Now, the policies are owned by the Foundation, and they will support community needs for generations to come.”

How It Works

Jim and Jean are part of a local and national movement to earmark a portion of their estate for charitable endowments. A new study by the University of Minnesota and Iowa Council of Foundations* shows that in Dubuque County alone, nearly $1 billion is projected to transfer from one generation to the next in the coming decade. If everyone designates just 5% of their assets for the community, over $46 million would be retained for the benefit of Dubuque residents over the next 10 years.

By contributing 5% to community endowments, these funds would be invested and grow forever. They will pay out as much as $55 million after 20 years to support the Dubuque region - and continue paying out forever. Payouts could help communities address issues like education, child care, and access to basic needs; support the work of local nonprofits; and jumpstart projects.

“Many of us who have lived and thrived in Dubuque consider this community to be part of our family,” says Nancy Van Milligen, president and CEO of the Community Foundation. “Taking care of the next generation doesn’t mean choosing between our children and our community - we can leave a legacy for both.”

Partnering for Community Impact

Planning your estate, creating a will, and leaving a legacy can seem like daunting tasks. That’s why the Community Foundation has a long history of helping people navigate this process and identify charitable causes that align with their values.

The Foundation is a partner to anyone who wants to invest in the place they love. It works with charitable-minded people to open funds that support causes they care about or contribute to existing funds that address an array of local issues, such as education, arts and culture, and access to basic needs.

The Community Foundation hosts 400 endowment funds that pay out to local nonprofits every year. For organizations in the community, these funds are lifelines, paying out an annual percentage so they can meet the needs of all people in our region. Since the Foundation opened its doors in 2003, these funds have paid out $75 million to nonprofits, including $4.8 million this year.

“My wife, Laura, and I were able to do well here, we want our kids to do well here, and we want others to do well here,” says Dubuque resident Chad Chandlee, president and chief operating officer of Kendall Hunt Publishing and a longtime Community Foundation supporter. “The Community Foundation understands the issues facing the community and is a catalyst in drawing everyone together to address them. They listen to our ideas and guide us in finding opportunities to have an impact.”

Next Steps

Many people work with professional advisors – such as attorneys, accountants, financial planners and planned giving officers – to develop a will and create an estate plan. In these documents, people commonly name relatives as heirs, and they also can designate charities as beneficiaries.

The challenge with naming charities, though, is that it can be difficult to understand where assets can have the greatest impact. That’s where the Community Foundation comes in.

Because the Foundation works closely with nonprofits and analyzes local data, it has a deep understanding of community needs and where charitable gifts can make a difference.

The Foundation partners with individuals and their professional advisors to share insights about community needs and how gifts can be more than just a one-time benefit – they can be a lasting investment in the community.

Virtually any asset – including real estate, retirement accounts and securities – can be transformed into community impact, and gifts of any amount can make a difference for many. Plus, the Community Foundation offers complimentary estate planning services with Johni Hays of Thompson & Associates, which can complement the partnership an individual has with their personal advisor. Johni is a nationally recognized expert in planned giving and works with people to create plans that reflect their values. Individuals can then take these plans to their professional advisors who can build them into a will.

“Our goal is to be able to make a difference with our legacy, even if our estate is not as large as some,” says Kim Roush, a Dubuque real estate agent who, with her husband, Doug, supports the Community Foundation. “Johni Hays gave us the information and opportunity to make a greater impact than we thought we could.“

Planning a legacy to the community starts with a simple call or email. Or, visit dbqfoundation.org/give to find more information about charitable giving opportunities.

* Winchester, Benjamin and Aiden Opatz (April 2024). Transfer of Wealth Opportunity: State of Iowa Full Detailed Study. University of Minnesota Extension Department of Community Development