In a bid to bolster financial security and nurture intergenerational wealth, Nashville has unveiled a program that offers complimentary legacy planning services to its residents. Through the collaborative effort of the Nashville Financial Empowerment Center (FEC) and the Cities for Financial Empowerment Fund (CFE Fund), Nashvillians will gain access to crucial financial counseling that could assist them in protecting their assets for the future—free of charge.
According to a recent submission by the Nashville Mayor's Office, nearly 70 percent of Americans lack a will or any comprehensive estate plan, despite owning assets that are poised to appreciate over time. The Nashville FEC, supported by the Mayor's Office and United Way of Greater Nashville, aims to rectify this by guiding individuals towards creating wills, adding beneficiaries to accounts, and other estate-planning actions. "Everyone deserves the chance to plan for their future and legacy - to ensure you and your family are prepared," Nashville Mayor Freddie O'Connell expressed. "By adding legacy planning to the Financial Empowerment Center, we're making that opportunity available to every Nashvillian - at no cost."
The program's broader scope is to help people in Nashville, particularly those with low and moderate incomes, gain control over their financial decision-making. Proven strategies such as debt reduction, credit establishment, savings growth, and now, asset protection figure prominently in the services offered. The FEC initiative, which includes dozens of cities and counties nationwide, has been a significant influence on the financial health of numerous families. Collectively, FECs have served over 200,000 clients, aiding them in reducing debt by more than $344 million and increasing savings by almost $70 million. The Nashville/Davidson County FEC alone has assisted over 11,545 clients since its inception in 2013, helping decrease debt by upwards of $35 million and augment savings by over $5.5 million.
Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund, lauded the city's efforts. "Nashville FEC counselors work hard to help clients build assets. With the addition of legacy planning services, counselors also can help Nashvillians protect and preserve those assets for future generations," Mintz stated, signaling progress in the city's mission to ensure financial empowerment is a right, not a privilege, extended to all inhabitants.
