Title: Giving for Good: Generational Differences in Philanthropy, Legacy, and Wealth Planning
Organization: Key Private Bank
Summary: High-net-worth individuals aren’t talking with their children about charitable giving, according to a new survey of 123 wealth advisers.
While the survey is small, it offers a glimpse into how a lack of family communication about philanthropy could affect the $68 trillion in assets that baby boomers are slated to transfer to younger generations by 2030.
Many clients did not include nonprofits in their estate plans; 71 percent of advisers polled said that no more than half of their clients had done so, suggesting that nonprofits are missing out on a substantial amount of wealth. Nearly half of advisers — 49 percent — believed this lack of planned giving was the biggest mistake their clients were making in their philanthropy.
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