Akron Financial Empowerment Center to offer one-on-one legacy planning to help residents retain wealth by protecting and preserving assets, with support from Cities for Financial Empowerment Fund.
The City of Akron and United Way of Summit and Medina’s (UWSM) Financial Empowerment Center in partnership with the national nonprofit Cities for Financial Empowerment Fund (CFE Fund) announced that free legacy planning services are now available through the Akron Financial Empowerment Center. This one-on-one financial counseling program offers residents access to help with legacy planning and taking steps to protect their assets at no cost.
Research shows that most Americans own at least one asset – a bank account, a 401K, or a home – that is valuable today and likely to appreciate, but few have taken the steps necessary to secure those assets. Nearly 70 percent of Americans do not have a will or a broader legacy or estate plan. By increasing access to information about topics like adding beneficiaries to accounts and creating essential documents such as wills and powers of attorney, this program will help people in America protect their assets for the future.
“Every family we serve deserves the peace of mind that comes with planning for the future,” said Annie McFadden, President & CEO, United Way of Summit & Medina. “By offering free legacy planning services at the Akron Financial Empowerment Center, we are removing obstacles that too often prevent residents from protecting what they’ve built and ensuring their loved ones are cared for. This is about helping our community thrive across generations.”
“I am excited to further grow the services offered to Akron residents through the Financial Empowerment Center,” said Akron Mayor Shammas Malik. The partnership between the City of Akron, UWSM and CFE is going to help those in our community who need access to free assistance in planning for the future. This service will help set individuals and their families up for financial stability and comfort in the years ahead.”
“The Financial Empowerment Center counselors work hard to help clients build assets. With the addition of legacy planning services, counselors can also help residents protect and preserve those assets for future generations”, said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “We are thrilled to partner with United Way of Summit & Medina and the City of Akron to provide these crucial services and ensure that legacy planning is available for everyone.”
Akron is one of dozens of cities and counties nationwide offering free financial counseling services. Through the Financial Empowerment Center initiative, professionally trained counselors provide one-on-one guidance to help individuals and families with low and moderate incomes manage their finances, pay down debt, increase savings, establish and build credit, access safe and affordable mainstream banking products – and now, protect and preserve their assets. Since opening in 2018, the Akron Financial Empowerment Center has supported more than 3,735 clients, helping them reduce $10,346,406 in debt and build $3,873,327 in savings.