Before the Wealth Transfer

The Transitions That Create Multi-Generational Giving

Here we are, at the edge of the largest wealth transfer in history. Families are spending countless hours preparing for it at meetings with attorneys, financial advisors, accountants, and estate planners to ensure assets are protected and passed along as intended.

But I continue to come back to this same, big – and related – question: ‍

how are families preparing for the transfer of generosity?

Philanthropy is multi-faceted; it isn't inherited because someone is named in a will. It becomes part of a family's identity because it's practiced, discussed, and modeled long before wealth is ever transferred. If we expect philanthropy to endure beyond one significant donor or one successful generation, we have to think in terms of impact. We must prepare future generations to steward purpose.

In my experience, that preparation begins with two important transitions.

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1. Moving from reactive giving to intentional giving.

Most of the time, charitable giving is reactive. A friend makes an ask for something they care about. A nonprofit hosts a gala and you buy a ticket. An alma mater calls on its annual day-of-giving. These gifts, which I’d label as transactional, are often driven more by circumstance than by strategy.

Intentional giving asks a different question: What kind of difference do we want our family to make? Now, how do we go about doing that?

Philanthropy today is about identifying challenges, ideating on solutions, and funding them. Rather than waiting for requests to arrive, families can begin by identifying the causes, communities, and values they want to impact. They can talk about what problems concern them most, where they've seen philanthropy make meaningful change, and what kind of outcomes they hope their giving will generate over time. When we’re deliberate, philanthropy becomes an investment and the return is measured by real-life impact.

These conversations do more than improve philanthropic decisions; they provide a shared framework for future generations. Instead of inheriting a list of organizations to support, children inherit a generous, and proactive, mentality.

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2. Moving from private conversations about wealth to outward expressions of family values.

When generosity becomes visible, it also becomes teachable.

Expressions of family values can be surprisingly ordinary – they happen when children are invited to volunteer alongside parents, or when a family chat at the dinner table mulls over what causes could use the most support in our communities, and when grandparents ask younger generations what problems they care most about solving.

The transition? Turning generosity from an event to an identity. The discipline? Keeping these outward expressions a consistent part of family life. The result? Becoming a family where all generations know that the family stands for something.

It’s intriguing when families publicly share their priorities. When you hear, “we’re a family that believes every child deserves a quality education,” you know that it’s in the fabric of their family-decision making to understand how educational experiences change the trajectory of a person’s life. It’s not that we always know how much this family gives to support education, but that they think it’s important enough to learn about it and fund it. Outward expressions of values are contagious and inspiring; in giving, we see that gifts given publicly motivate others to give as well. It’s a signal: you can trust this institution and vision, too.

It’s important to note that repetitive conversations about doing good and engaging in consistent acts of generosity generate confidence within families. Rising generations know what to do when it’s their turn to make an impact because it’s become a normal part of their life. As philanthropy becomes part of identity it doesn’t just teach younger family members, it empowers them to contemplate their priority causes and share them proudly.

Families have an extraordinary opportunity right now to steward wealth and generosity simultaneously. Transferring purpose, compassion and responsibility result in a tremendous impact on our communities and in our world. After all, who will benefit because our family was here?

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Continue with Meg George

Explore more of Meg’s work on family philanthropy, multigenerational giving, and preparing families for meaningful transitions.

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Bring the Conversation Home

Our Before the Gift: A Family Giving Conversation Guide offers five questions to help families talk about who should participate in giving decisions, what they want their giving to accomplish, and what the next generation should learn along the way.