As the world’s problems become more complex and urgent, traditional models of philanthropic support are not keeping pace. This lag can be blamed in part on the fact that regulations require foundations to donate only 5 percent of their assets. Typically, the remaining 95 percent is invested for growth. Some philanthropic thought leaders are addressing…
When meeting with affluent family clients, advisers frequently invoke the warning: “shirtsleeves-to-shirtsleeves in three generations.” This popular quote strongly suggests that, without careful planning, a family’s wealth will be dissipated by the time it reaches the grandchildren of the wealthcreating generation. It is thought to derive from the old English proverb, “there’s nobbut three generations…