More than $84 trillion is expected to transfer to family heirs by 2045, according to Cerulli Associates. This massive transfer shapes not only family fortunes but the legacy of family philanthropy. As families embark on this process, one thing has become clear: the Next Gen holds a different perspective on how philanthropic money should be allocated.
The National Center for Family Philanthropy reports that 74% of family foundations have shifted their charitable giving over the last decade. This shift is dramatic with an emphasis on social issues. For example, support for human rights and civil liberties has surged nearly 150% in just five years.
The legacy of family philanthropy is important to founders. With these shifts in charitable giving, the previous generation and Next Gen may find themselves at odds. This article offers five key steps to smooth the transfer of wealth and help both generations define the family’s legacy of philanthropy.
Read about the five key steps to smooth the transfer of wealth here.
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