Nearly $100 trillion is expected to change hands over the next two decades. But there is one question that families are thinking about: Will not just our wealth, but our values travel to the next generation?
For decades, we've talked about wealth transfer in terms of taxes, trusts, and investment strategies. Those conversations still matter. But something has shifted in conversations about legacy. Affluent families are asking a completely different question now: What do we want our wealth to accomplish?
As the largest wealth transfer in American history unfolds, we're witnessing something significant. Philanthropy is no longer just an end-of-life consideration. For many families, it's becoming central to how they define their legacy, engage the next generation, and align their financial decisions with their values.
When Wealth Reflects Values
Research indicates a notable connection between wealth and values among affluent families.
RBC surveyed high-net-worth Americans with at least $1 million in investable assets in 2025. The survey included 1,500 respondents and is representative of the surveyed population during that time period. Results indicated:
• 93% of Baby Boomers report their financial values are rooted in their family values • 98% of Generation X report a strong connection between the two • 95% of Millennials report similar alignment
Note: Survey results reflect the views of respondents at the time of the survey and may not be representative of all high-net-worth individuals or apply to all time periods.
Advisors across the country are observing families looking beyond quarterly portfolio statements and considering: How can wealth support the people, communities, and causes they care about?
For some families, that means funding the local nonprofit that changed their child's life. For others, it means creating opportunities for the next generation to have involvement in charitable decisions. In these cases, philanthropy can become an expression of family identity and values.
The Numbers
Approximately $100 trillion is projected to flow from older generations to younger ones by 2048. Of that, approximately $18 trillion is projected to go toward philanthropic causes.
Generation X and Millennial inheritors are expected to receive between $1.7 million and $2.4 million each during this transfer period. They are positioned to make significant decisions about how inherited assets will be deployed.
Yet despite recognizing the importance of planning, survey data suggests most families have not had comprehensive conversations:
• 89% of Baby Boomers indicate it's important to discuss inheritance plans with future beneficiaries • Only 39% report having done so
This gap between intention and action deserves attention, as it can affect clarity in family wealth transfer outcomes.
The Gap Between What We Want and What We're Doing
Without clear communication, wealth can transfer without the values that created it. When assets pass to inheritors without context or understanding of family priorities, stewardship and purpose may not transfer effectively.
Conversely, when families plan intentionally and communicate openly, outcomes often differ. They can pass down not just financial assets, but also responsibility, purpose, and shared philosophy about stewardship.
Giving While Living: A Consideration
One approach some families explore is making charitable gifts during their lifetime rather than waiting until estates are settled. This strategy has potential implications worth considering.
When families make charitable gifts during their lifetime, they may observe the impact of their generosity directly. They can create opportunities for children and grandchildren to participate in philanthropic decisions. This can help demonstrate values through action rather than explanation.
When younger family members are involved in giving decisions, they may develop understanding of not just what their family supports, but why. These lessons can become meaningful alongside financial inheritance.
Tax and Legal Considerations: The structure and timing of charitable gifts involve important tax and legal implications that vary based on individual circumstances. Professional consultation with qualified tax and legal advisors is essential before implementing any giving strategy.
Values in Practice: Living Legacy Approaches
Families employ various approaches to philanthropy. Many describe motivations including gratitude expression, community strengthening, and creating opportunities for future generations. Some view charitable giving as an ongoing part of their financial lives rather than a future event.
Generic examples of living legacy approaches might include: families establishing donor-advised funds where multiple generations participate in grant decisions; multi-generational family meetings focused on shared values and charitable interests; or structured volunteering programs that involve family members in nonprofit work alongside financial contributions.
These approaches reflect how some families work to align charitable activity with their stated values.
Intentional Family Wealth Transfer
The Great Wealth Transfer is underway. But what families leave behind will be measured by more than the assets that change hands. The greater opportunity is to pass along the values, sense of purpose, and responsibility that gave that wealth meaning in the first place. For families, that begins with conversation: What matters to us? What do we want our wealth to accomplish? What responsibilities come with it? And how can we involve the next generation in those decisions while we are still here to guide them? Ultimately, the question is not simply who will inherit the wealth, but what will travel with it. The most enduring legacy may not be what the next generation inherits, but what they understand it is for.
Philanthropic and wealth transfer decisions involve complex personal, financial, tax, and legal considerations. These decisions should be made with guidance from qualified professional advisors, including tax specialists, legal counsel, and financial professionals who understand your specific circumstances. Past performance, survey results, and historical data do not guarantee future outcomes. Individual circumstances vary, and professional consultation is recommended before making any decisions related to wealth transfer or philanthropy.
Sources
RBC and Campden Wealth, "2025 North American Family Office Report" (October 2025). rbcwealthmanagement.com/en-us/newsroom/2025-10-16/2025-rbc-and-campden-wealth-report-north-american-family-offices-adapt-to-uncertainty-and-embrace-ai-innovation
U.S. Government Data
IRS Statistics of Income (SOI) — Individual Charitable Contributions Data. irs.gov/statistics/soi-tax-stats-individual-noncash-charitable-contributions
U.S. Census Bureau & AmeriCorps, "Civic Engagement and Volunteering Supplement" (2023 CEV, released November 2024). census.gov/newsroom/press-releases/2024/civic-engagement-volunteering-supplement.html
AmeriCorps, "Volunteering and Civic Life in America" Research Summary (2024). americorps.gov/about/our-impact/volunteering-civic-life
Cerulli Associates, U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2024: The Great Wealth Transfer. (Figures cited via RBC Wealth Management research.) cerulli.com