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June 20, 2013

Minn. Nonprofit Leaders Eye Huge Generational Wealth Shift

With an estimated $48-billion in family wealth set to change hands in Minnesota over the next two decades, the state's philanthropic community sees an unprecedented opportunity to steer resources into charitable works, the Star Tribune writes.

Well-to-do baby-boomer parents are increasingly transferring assets to their children before they die, and the number of family foundations and donor-advised funds in Minnesota has risen dramatically in recent decades, the article notes.

Efforts like the Minneapolis Foundation's Fourth Generation program aim to train young heirs how to do the most good with their charitable dollars and take the torch from the One Percent Club, a group of wealthy donors that has long been a force in Minnesota giving.

"We think this could change the face of philanthropy in Minnesota," said Bill King, president of the Minnesota Council on Foundations. "If just 5 percent of the transfer of wealth goes to the nonprofit sector, including philanthropy, there will be major growth."