As the greatest wealth transfer in history unfolds, accountants and other financial advisors are increasingly tasked with guiding families through the complexities of using generational wealth for charitable giving.
It is no secret that an estimated $84.4 trillion in wealth will pass primarily from Baby Boomers to younger generations over the next two decades. This seismic shift underscores why legacy planning has become a top priority for many financial advisors and their clients.
“We’re seeing more families recognize that philanthropy isn’t just about financial giving —it’s also a way to unify family members across different generations,” said Katie Vogel, Director of Donor Services at the Omaha Community Foundation. “Clients often discover that philanthropic discussions can serve as a bridge, making wealth transfer discussions more meaningful by tying it to shared family values.”
The Role of Advisors in Wealth Transition Planning
Discussing family values and giving back to the community is a great way to start conversations about your clients’ financial plans.
Dan Waters, a Chartered Advisor in Philanthropy ® (CAP®) and attorney with Lamson Dugan & Murray, has worked with high-net-worth individuals and business owners since 2008. He stresses the importance of including philanthropy in wealth transition conversations.
“When you do wealth transition planning, it’s important to discuss setting aside wealth for philanthropic purposes,” Waters said.
While he handles estate planning and tax structuring, Waters turns to the Omaha Community Foundation for their deep knowledge of the nonprofit landscape. “I’m not Omaha’s philanthropy expert. That’s what leads me to bring clients to the Community Foundation to meet their philanthropic objectives,” he said.
Clients can work with their financial team and advisors at their local community foundation to create a plan that maximizes their impact and leaves their family secure.
“I’ve had multiple sizable gifts with at least three Chartered Advisors in Philanthropy® on the team. The client feels heard, the community foundation advisor made great recommendations, and it was a powerful experience,” Waters said.
Why Multigenerational Planning Matters
In the evolving landscape of wealth management and philanthropy, involving the next generation is no longer optional — it’s essential. Financial advisors who embrace multigenerational planning can enhance asset retention while ensuring their clients’ charitable goals are carried forward. Whether it’s deciding when to bring younger family members into the conversation or tailoring strategies for different generations, a thoughtful approach helps build lasting legacies.
“Involving entire families, including the second and third generations, ensures that both family legacy and community impact continue,” said Vogel with the Omaha Community Foundation. “This approach prepares future generations for wealth stewardship and gives clients peace of mind knowing their family’s values remain at the forefront after they are gone.”
Bringing a couple into a legacy planning meeting is typically the first step in the wealth transition.
“Seventy percent of wealth transfer happens first to senior women, then to the next generation,” said Abby Arcishewsky, a Chartered Advisor in Philanthropy® and the founder of Archway Consulting. She suggests financial advisors consider these patterns when planning wealth transfer and philanthropic discussions.
Getting spouses on the same page first can provide clarity, said Nick Meysenburg, a Chartered Advisor in Philanthropy® and attorney with Dvorak Law. He then advises bringing the next generation into the discussion. “You’re setting them up for success by tutoring them now,” he said.
About the Omaha Community Foundation
The Omaha Community Foundation has been working with individuals, couples, and multigenerational families to make a lasting impact since 1982. We can help you and your clients create customized plans to ensure their charitable giving continues for generations to come, including Donor Advised Funds that can be passed on to the next generation or Designated Funds that support specific needs in the community.
Reach out to giving@omahafoundation.org to learn how we can collaborate with you to serve your clients and their families.