Multigenerational Philanthropy: Aligning Family Values for Impact
Philanthropy is top of mind for most affluent families. However, according to BNY Mellon Wealth Management’s Global Family Office Study, only 30% of family offices have documented strategies to deploy wealth in a truly meaningful way.1 This disconnect is just one of several challenges that families face regarding philanthropic planning.
Over the next 25 years, it’s estimated that Baby Boomers will pass along nearly $48 trillion in assets to their heirs and charities, with Generation X being the biggest beneficiaries.2 To put things into perspective, total giving in the U.S. was $499 billion in 2022.3 The sheer size of the Great Wealth Transfer will make unifying philanthropic goals not only more important but more complex, especially when considering unique financial needs and priorities, as well as different personalities and family dynamics.
Each generation has its own set of beliefs and perspectives, which has led to the need for unity and understanding between those who inherit wealth and their wealth-bearing predecessors. Today, it’s more important than ever to bridge that gap and ensure that, as wealth passes through generations, family values and legacies are not left behind.
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