The Largest Generational Wealth Transfer is in Motion, Collective Giving is on the Rise, Tax Tips + More
Foundation Source
We empower people and companies to create a better world through philanthropy.
We’ve compiled our latest resources, tools and blogs to help philanthropists and their advisors stay in the know on the latest in philanthropy. Keep reading to learn more about how to prepare for the largest generational wealth transfer, the rise of collective giving, tax tips from the experts and more!?
The Largest Generational Wealth Transfer is in Motion?
Who is the Next-Gen Investor?
纽约时报 recently reported that “an intergenerational transfer of wealth is in motion in America—and it will dwarf any of the past.” Our country’s 73 million baby boomers, it said, hold half of America’s $140 trillion in wealth, which they’re now leaving to the next generation as they pass or retire. This is a wake-up call for financial advisors. The long-held approaches to wealth management for the Silent Generation and baby boomers won’t necessarily resonate with millennials and Gen Z. So how can advisors adapt? Hannah Shaw Grove shares considerations for advisors with Financial Advisor Magazine .??
What Does This Mean for Advisors?
CEO Joseph Mrak recently shared insights in the WealthManagement.com 2024 Market Outlook about how advisors can incorporate charitable planning as the next gen inherits significant wealth. If you want to improve your portfolio and your practice, here are three things to know in 2024.?
How Can Families Prepare??
Engaging the next generation in your family’s philanthropy requires thoughtful planning at any stage. Engaging them in a formal way as adults, however, is particularly complex. Adults come to the work with their own skills, experiences, and expertise, as well as their own priorities—be that their families, careers, or other responsibilities. National Center for Family Philanthropy (NCFP) ’s Guide for Meaningfully Engaging Next Generation Adults in Your Philanthropy outlines ways the current managing generation can effectively welcome next generation leaders into the philanthropy such that it’s a rewarding experience for all and advances the philanthropy’s impact. The guide provides the following framework for the process of welcoming and engaging the next generation:?
Collective Giving is on the Rise?
New research by Philanthropy Together shows that the number of giving circles tripled between 2016 and 2023 – and that’s after it had already tripled between 2007 and 2016. Today, the report says, the U.S. is home to roughly 4,000 giving circles with 370,000 members total; they collectively gave away $3.1 billion over seven years ending in 2023. The report also says giving circles are likely to double again in the next five years.?
From the Experts...
Your Most Popular Foundation Questions?Answered
As experts in the philanthropic space, private foundations and their trusted advisors turn to the Foundation Source team to help guide them through a myriad of questions. Whether you have a private foundation or you’re just thinking about ways to give back in a more structured, strategic way, you likely have questions too. We asked our team of internal subject matter experts to weigh in on some of the most common topics that come up in their conversations.?
领英推荐
ICYMI: Watch Our Tax Tips Webinar On-Demand
Expert Jennifer Bruckman-Gorak shared tips for philanthropists and advisors to maximize their charitable plans in our webinar this month.?
Top Ways Tech Can Help as a Donor?
When it comes to helping donors give, technology can and should be there to clear the runway and make the process as easy and efficient as possible. Our product team shared some of the most popular features of Impactfully, our essential software solution. ?
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What's it like to work in #PhilTech??
We recently talked to Jennifer Lee Yoguez , director of client operations and payables, about her experience at Foundation Source. Keep reading to learn what it’s like to work on the client operations team!?
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