Preparing to Leave a Legacy for your Community

Last week, more than three dozen financial advisors and community members gathered together in McCook to learn more about how you can leave a legacy in your community.

Leaving a legacy can mean many things and can be done in a variety of ways.

For some, leaving a legacy means serving in public office, instituting laws and passing ordinances, which will shape the community for generations to come. If you don’t think attending a city council, school board or county commissioner meeting matters, consider that what they do at those meetings affects you and your children and your grandchildren on a daily basis. Those people who have served as a public servant have left a legacy in their community.

For others, they leave a legacy by their involvement and volunteerism in the community. These are the people who recognize a need in the community and fill it by creating an organization to help the situation. Or they volunteer their time to help others and make the community a better place for everyone who lives there. Those people who live to serve others have a left a legacy in their community.

And finally, there is the matter of leaving a legacy financially.

That was the topic covered last week during Nebraska Community Foundation’s Lunch and Learn webinar. Area financial advisors were encouraged to join a watch party at McCook Christian Church to learn more about estate planning and its affect on a community. Accountants, attorneys and investors joined community members to hear from author Mark Weber, who wrote “A Spectrum Legacies: The Gifts You Leave for Your Children and Community.”

The watch-party was hosted by the McCook Community Foundation Fund and the McCook Philanthropy Council. The council is a group of local non-profits who are working together to raise awareness about supporting local charities and non-profit organizations with financial gifts, specifically “Five-to-Thrive” which asks for five percent of assets to be left to a community so that it can thrive.

As our community ages, there is going to be a massive transfer-of-wealth from one generation to the next. If that next generation doesn’t live in this community, those dollars will leave the community, mostly likely forever.

So the conversation has begun about what legacy a person wants to leave not only for their family but for their community by leaving a financial gift for their hometown.

Some might be saying to themselves that they don’t have the financial resources to leave a legacy in their community. But ultimately, it isn’t the size of the gift that matters. It is recognizing that you want to support the organizations and the community that was there for you and your family as they grew up.

This is a different type of mindset. Traditionally when people have worked on their wills or long-term financial planning, all assets would have been passed down to their heirs, traditionally their spouse and/or their children.

But as our part of the state enters the largest generational transfer of wealth, we are working to change that traditional way of thinking. During a different session I attended about Five-to-Thrive, the speaker noted that if his children couldn’t live on 95 percent of his assets, then they wouldn’t be able to live on 100 percent either. That is putting it very bluntly but also very realistically.

And the Five-to-Thrive concept is not asking anyone to abandon to leaving assets to family members. Instead, the idea is to simply consider leaving a legacy in the community where you live or where you grew up if you have moved away.

The decision about your legacy will not be made overnight but rather through many conversations. It won’t be made by reading a single book but by reviewing many articles and stories. And it won’t be made by just reading this article or by what anyone else says but ultimately by following your values and what you would like to leave behind.

We are all going to leave a legacy, one way or another. It can be left up to others.

Or you can take the time to be intentional about what that legacy looks like by being prepared, by considering what your family needs and what will make your community an even better place to call home - for generations to come.

By Peggy Been May 22, 2025
Recognizing the Assets and Abundance in Your Community One of the key philosophies of the Nebraska Community Foundation (NCF) is about looking at our community for its abundance – what it has – and not for its scarcity – what it is lacking. Where did this thought come from, and why is it important to NCF? Several years ago, NCF had a close working relationship with John L. McKnight, a professor who studied and taught community organizing and building. After joining Northwestern University in Illinois, he created the Center for Urban Affairs and then later was a co-creator of the Asset Based Community Development Institute. His work was serious academic research followed by practical application in communities. His goal was to find what makes communities prosper and thrive – especially why some do and some don’t – and to provide a guide for others to replicate the successful communities. He studied the writings of Alexis de Tocqueville in Democracy in America, in which Tocqueville proposed that the success of American society was from its many varied informal associations – the small, local citizen organizations of engaged volunteers. Key characteristics of these groups were: they were generally small, there was face-to-face knowledge of each other and the capabilities of each member, and the essential work of the group was performed by unpaid members (volunteers). More importantly, these groups were taking on the power to define problems or goals for their communities; to create solutions or actions to achieve their goals; and to implement the solutions or actions. Tocqueville called these people citizens and noted that they were taking power by making power through community action. They were taking ownership and pride in their communities and assuming the responsibilities required to build their hometowns. NCF has adapted these concepts in how it works with and through its affiliated funds. NCF believes that only the citizens of a community know what it needs, and outsiders (government, organizations or even NCF) should only come if invited to assist but not to determine a plan of action. Asset Based Community Development stresses that a community has all it needs to thrive, including the physical assets but, more importantly, its people. Citizens, with their unique gifts and expertise, their willingness to give of their time and talents, and their ability to give financial resources when needed are the true assets of a community. These citizens need to be invited to become engaged as a community to build their hometowns. Leadership is organically developed and broadly distributed through these associations of engaged citizens. The Fund Advisory Committees (FAC) across Nebraska are NCF’s volunteer associations. The committees made up of dedicated volunteers have an overall view of the whole community, to look at what the community’s assets are, to dream about how to enhance and utilize these assets, to engage its citizens so that they offer their time and talents to better their community, and to collaborate with the other associations (including business, government and institutions) to move their community forward. Your local FAC is the 12-member volunteer group of the McCook Community Foundation Fund (an NCF affiliated fund) along with a coordinator. NCF also has volunteer committees in Southwest Nebraska including Stratton, Imperial and Grant. NCF recognizes that effective community development has three qualities: it is asset-based, internally-focused, and relationship-driven. Why is this work even more crucial than ever? Because in the past three decades, we have seen a transition away from engaged citizens belonging to volunteer associations to build their hometown to disengaged residents giving up their power and expecting paid service providers (mostly government and human service organizations) to provide the social, educational, cultural, health and economic needs of the community. The focus of abundance and asset-based communities can be explained as such: When people discover what they have, they find power. When people join together in new connections and relationships, they build power. When people become more productive together, they exercise their power to realize dreams. “This idea of co-creation is key to a satisfying life, which becomes possible when we join our neighbors to live and create a community that nurtures our family and makes us useful citizens.” John L. McKnight For more information about the McCook FAC, visit the website www.mccookfoundation.org . If you are ready to become an engaged citizen, check out some of the local groups listed on the McCook Volunteers page of the website. If you are interested in being a member of the MCFF FAC, contact any FAC member or the coordinator, Ronda Graff. Let’s work together to build a great hometown and make McCook a better place to call home. *** Although technically retired, Peggy Been serves as the secretary for the McCook Community Foundation Fund and is busier than ever by volunteering at St. Patrick Elementary cafeteria and caring for her dad and her grandchildren.
By Ronda Graff May 21, 2025
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By Ronda Graff May 9, 2025
Communities needs jobs and houses but we also need places that young people and families want to live and community leaders are doing one project at a time, especially to get recent graduates to move back home.
By Sean Wolfe May 2, 2025
Checking on Our Success Is Now Urgent As the Chief Financial Officer for Community Hospital in McCook, I tell people that I have three major worries. The first concern is demographics. As we model out our population changes in Red Willow County between the 202 census and where we expect to be for the 2030 census, we know that if we continue on our historical trends that we would end this decade with a decrease of about 520 people or about five percent fewer residents. This drop is compounded by two other factors: an aging community, resulting in 15 percent fewer working-age population members (20-64 year olds) or about 875 fewer people; and a 24 percent increase of the Medicare-aged population in the country or about 515 more people in that category. From the healthcare perspective, this creates both financial challenges and operational challenges. On the fiscal side, Medicare payments do not cover the full cost of providing care compared to traditional insurance. For day-to-day operations, we will have a smaller workforce to draw upon to take care of more elderly community members. So Community Hospital made it part of its mission to make the community a better place to live, work and play as we need a vibrant community in order to attract the workforce needed to provide the care our community needs. We have thrown our support behind the community amenity improvement projects, including McCook’s new outdoor aquatic center and the city’s ball fields, the McCook YMCA renovation and expansion campaign, the inclusive playground at Kelley Park and many more projects. We have invested in housing, from participating in the McCook Economic Development Corp.’s North Point project to downtown student housing, which serves two purposes: engaging the medical young professionals more fully into McCook’s activities and businesses as well as freeing up some housing currently used by the hospital to house these students. These are not just frivolous projects that are nice to have. All of these projects and more are needed if we want to maintain a level of economic sustainability over the next decade and for the next generations. Families need them. Young people need them. All ages need them. And this movement in our community cannot be pushed down the road any longer. On March 13, the U.S. Census Bureau released their 2024 population estimates by county. Unfortunately, as we near the half way point of the decade, we are not moving in the right direction. The internal forecast we prepared for long-range planning at the hospital showed that the population of Red Willow County would have decreased by 230 people by 2024 to a total of 10,495. The census data, which counts between the regular census every decade, relies on birth and death certificates, as well as other federal data basis such as Social Security, IRS and postal records. Currently, the estimate is for Red Willow County is at 10,409, nearly 100 fewer people than we had projected. And we are not alone in this fight for people. Hitchcock County to our west is down 155 people to 2,460, while Furnas County to our east is down 170 people to 4,468. This results in our three-county area losing a total population of 618 over the past four years. The improvements we have been making have not yet had time to leave their mark. The new city pool is open with the remodeled YMCA, ballparks and playgrounds scheduled for completion over the next few years so we will see their impact down the road. But I am optimistic that these amenities and projects will have a meaningful impact on our ability to attract and retain people over time, both for the hospital and for the community. We will continue to watch the official counts for signs of progress, working to stop the out-migration and hopefully see a shift to an increase in population. Ultimately, it will take everyone’s effort and input - from local businesses to individuals - to make the community grow and thrive and to say that we have found success. *** Sean Wolfe is the CFO for Community Hospital and the treasurer for McCook Community Foundation Fund, along with numerous other volunteer roles in the community and has a passion for making his hometown an even better place to call home.
By Ronda Graff April 25, 2025
Jeremy Shaw named April 2025 McCook Volunteer of the Month
By Ronda Graff April 25, 2025
While the Bison Alumni Newsletter will still be available digitally, a new printed service is available.
By Ronda Graff April 21, 2025
During a recent performance at the Fox Theater by the Lied's Arts Across Nebraska, there was one group who was not thanked: those who showed up for the event, which is a big deal.
By Ronda Graff April 10, 2025
Mark Friehe named March McCook Volunteer of the Month.
By Mike Bodensteiner April 7, 2025
Although the Bodensteiners no longer live in Southwest Nebraska, they are still connected and wanted to see if prosper and thrive.
By Ronda Graff April 7, 2025
From long-term projects to weekly events, you cannot say "there is nothing to do" or "nothing is happening."
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