News for Professional Advisors

According to a recent Bank of America Private Bank Study of Wealthy Americans, the definition of “wealthy” changes by generation. Ensuring your clients and their families understand charitable planning, inheritances and expectations is good for your business and your community.

Younger individuals tend to rally around a definition of “wealthy” in terms of having the means to live a life of purpose and make a difference. Older generations are more likely to define “wealth” in financial terms.

Important for charitable planning is the finding that older generations may not be planning to leave the inheritance that their children and grandchildren expect.

The study noted that about a third of younger family members – those ages 21 to 43 in this study – said the biggest strains in family estate planning included lack of instructions and documentation, lack of communication and lack of trust and transparency.

In all of these, communication and mutual understanding is key.

The Sioux Falls Area Community Foundation can help bridge that gap in expectations by helping clients establish a multi-generational charitable giving plan.

We work with families to help them understand their vision and values as it relates to philanthropy – and how they want that legacy carried out both in their lifetimes and after.