Families who are successful at intergenerational wealth transfers use their charitable inclinations as an opportunity to impress upon the next generation of heirs, values around money and giving – sort of a glue to maintain their family’s tradition(s).
Collaboratively identifying charitable causes has been proven to improve your efforts at creating and sustaining generational wealth transfer.
Additionally, serious consideration should be given to the effects of gifts during life and gifts at death. Interestingly, giving during one’s lifetime can be less expensive than leaving an inheritance at death, if you have a taxable estate (one in excess of the prevailing estate tax exemption amount.)
Working with an advisor that considers your overall financial situation and intentions can better assess the types of giving that is most beneficial to you.