Editor’s Note: The following essay is authored by Jenny Xia and Patrick Schmitt, Co-Founders of Free Will, an award-winning social venture with a mission of supporting world leaders in law, design, and philanthropy. To date, more than $850 million has been committed to nonprofit organizations through Free Will. They discuss implications of the upcoming wealth transfer to women.
In the next two decades, an estimated $30 trillion will be inherited in the US as the large and prosperous Baby Boomer generation passes its wealth on to the next generation. This is the largest wealth transfer in human history, and may be the single greatest opportunity for philanthropy ever.
This demographic wave is beginning to thrust “planned giving” and “bequests” (giving through wills, trusts, and a few other avenues) from the outskirts of mainstream philanthropy into the spotlight.
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