Inclusiv Finds Gap In Credit Union Asset Protection, Legacy Planning
By CU Today Staff —
NEW YORK—Four out of five community development credit unions studied by Inclusiv offer common asset-building products and services, but just 18% provide asset-protection tools such as legacy planning, according to a new report released by the organization.
Inclusiv announced the findings in its “Protecting What Matters” report during a regional convening in Madison, Wis. The analysis, which examined about 100 Inclusiv credit union members, is the first step in a broader initiative aimed at helping low- and moderate-income families protect assets they have accumulated and ultimately pass them to future generations.
The initiative is being supported by a $1.5-million grant from JPMorganChase. Inclusiv said the findings indicate CDCUs already have a strong foundation of asset-building services, but there is an opportunity to expand legacy planning education, guidance and partnerships that help members preserve those assets.
“We are excited to advance Inclusiv’s work in this critical area and committed to providing our member CDCUs with the tools and resources they need to launch or strengthen their asset protection programs,” said Cathie Mahon, president/CEO of Inclusiv. “This is a natural continuation of our work to advance financial inclusion and economic opportunity. Helping families build assets has long been central to that work; helping them protect, preserve, and ultimately pass down those assets is the logical next step. Asset protection should be a key part of every family’s financial journey, regardless of income or wealth.”
Inclusiv said it will use the findings to develop customized training, practical tools and a resource hub for CDCUs seeking to establish or expand asset-protection programs. The organization also plans to work with credit unions and other partners to identify approaches and partnerships that can be adapted to institutions of different sizes and community needs.
Originally reported by CU Today.