Today, the U.S. population includes nearly 50 million adults over the age of 65. Members of this demographic control substantially greater assets and net worth than any younger generation. According to the Federal Reserve, the average net worth for Americans age 65-74 is $1,066,000. The median net worth is $224,000. The U.S. Census Bureau estimates…
Category: Family & Individuals
Understanding the “why” of impact investing
Impact investing is the rapidly expanding approach to financial markets that seeks to do well and to do good. It attempts to generate positive financial and social returns. Sustainable, responsible and impact-investing assets now account for $12 trillion of the $46.6 trillion in total assets under professional management in the United States. This is one of…
Philanthropy predictions for 2019: Economic and political volatility will impact the giving world.
The philanthropic landscape has been evolving – and will continue to change in 2019. Based on my experience, you can expect developments in the following eight areas. Giving to combat global warming on the rise People in the United States are finally recognizing climate change. New reports showing the alarming rise in the earth’s temperature…
U.N. Sustainable Development Goals falling short; How to apply an SDG lens to your giving
In 2015, the United Nations adopted the 2030 Agenda for Sustainable Development. It established 17 Sustainable Development Goals that address critical areas of economic, social and environmental development that impact billions of people. These SDGs were ratified by 193 governments and apply to every country — including the United States. The categories are: no poverty;…
On Philanthropy: Best excerpts from the first 100 columns
Since 2010, I have now written 100 columns addressing many aspects of philanthropy – for families, businesses and foundations. To acknowledge this milestone, here are some of my favorite excerpts – quotes that best encapsulate the many lessons I’ve learned and the thoughts I’ve tried to convey. On family giving “Many families fail to talk…
As the holidays approach, “the fierce urgency of now”
Exactly one year before he was killed, Dr. Martin Luther King Jr. spoke these words at Riverside Church in New York: We are now faced with the fact that tomorrow is today. We are confronted with the fierce urgency of now. In this unfolding conundrum of life and history there is such a thing as…
Donor-advised funds – Powerful giving tool needs sharpening
The fastest-growing tool in the philanthropic arena is the donor-advised fund. DAFs are 501(c)(3) philanthropic accounts established at a public charity. They allow donations of cash, property, appreciated assets and more – and donors receive immediate tax deductions. The DAF legally controls the money from the point of donation. Subsequently, donors can advise the DAF…
Coherent Philanthropy: Six lessons for families
Philanthropy is “coherent” when it is logical, well-organized, well-planned and sensible – as well as easy to understand and articulate. Over the years, I have helped dozens of families, foundations, businesses and family offices achieve coherence in their philanthropy. In the realm of family philanthropy, here are six key lessons. (In a future column, I will…
Upfront Philanthropy: The leading questions for the wealth strategy team
At The DeBoskey Group, we often talk about the philanthropic strategist’s role in family planning as a partner in a group of advisors that address the various components of wealth planning and strategy. The wealth management and investment advisors will be the experts helping to determine what proportion of a client’s assets can be positioned for…
Community foundations are key partners in achieving U.N. goals
The world’s first community foundation was established in Cleveland in 1914. Today, there are almost 1,900 community foundations — 75 percent of them created in the last 25 years. Among these are 1,033 in North America, 670 in Europe, 62 in Asia, 56 in Oceania, 31 in Africa and 11 in South America. Community foundations…