Explanation
BACKGROUND: This ordinance authorizes the Director of the Department of Development to apply for, accept, and execute a private grant from the Cities for Financial Empowerment Fund in an amount up to $50,000.00 to incorporate legacy planning into the free one-on-one financial counseling service currently offered by the Financial Empowerment Center.
This ordinance also authorizes the Director of Development to enter into a not-for-profit service contract with Jewish Family Service (a not-for-profit agency) for FEC financial counselors to receive additional training specific to the legacy planning process and training to provide clients access to a will-based legacy plan through an online will-generation software in an amount up to $50,000.00. This contract will be in an amount up to $25,000.00 for year one of the grant and then the remaining $25,000.00 will be entered into upon year two of the grant.
Legacy planning is a service that includes putting a formal plan in place for how you want the people and things you’re responsible for to be taken care of when you can’t make decisions yourself. This includes organizing assets, reviewing insurance and titles, updating account beneficiaries, and preparing legacy planning documents such as a will, guardianship plans, or power of attorney.
Planning for the transfer of wealth, estate, or other assets to a beneficiary is a complex process, highlighting the need for financial counseling in this area. Legacy planning services can also be expensive, adding an additional barrier to accessing this important service.
The FEC already provides free one-on-one financial counseling services supporting all central Ohio residents in a variety of needs, from guiding clients in increasing their savings and credit score to assisting small business owners with their personal finances to launch and sustain a small business.
This grant will provide the necessary resources and training to expand financial counseli...
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