As wealth moves between generations, families have an opportunity to pass along something equally meaningful: a tradition of generosity that can strengthen their community for generations to come.
Over the next two decades, an estimated $124 trillion is expected to transfer between generations in the United States, with approximately $18 trillion projected to go toward charitable causes. Known as the Great Wealth Transfer, this unprecedented shift will reshape not only how wealth is distributed, but also who makes decisions about giving and the causes that receive support.
For Delaware County, the opportunity is significant. According to a 2024 study commissioned by the Center for Rural Pennsylvania, an estimated $28.47 billion in wealth is projected to transfer between generations in Delaware County between 2023 and 2033. If just 5% of that wealth were directed toward charitable purposes, it could generate approximately $1.42 billion for philanthropy. If endowed, that amount could support an estimated $71 million annually for community needs.
These figures represent potential, not a guarantee. But they underscore an important question for families considering their legacy: What if the wealth passed down through generations could also help build a stronger community?
A Legacy Is About More Than Money
Conversations about inheritance naturally focus on financial assets, estate plans, family businesses, and investments. Those decisions matter. But a lasting legacy can encompass something more personal: the values, experiences, and sense of responsibility that shape how a family approaches generosity.
For many families, philanthropy offers a meaningful way to pass those values along. Involving children and grandchildren in charitable decisions can help them understand not just what a family supports, but why those causes matter. Visiting a nonprofit together, volunteering as a family, or discussing which community needs deserve attention can turn giving into a shared experience rather than a financial transaction that happens after someone is gone.
These conversations can also reveal new perspectives. Younger generations may bring different ideas about the issues that matter most or the ways they want to make an impact. Rather than viewing those differences as obstacles, families can use them to explore shared values and discover new opportunities to give.
Five Ways to Build a Multigenerational Philanthropic Legacy
1. Start with a conversation about values.
Before deciding how much to give or which organizations to support, talk about what matters to your family. Is it education, health, housing, the environment, or helping neighbors in need? Ask family members what experiences have shaped their charitable interests and what kind of community they hope to help create. Identifying shared values provides a foundation for giving, even when individual priorities differ.
2. Invite younger generations to participate early.
Philanthropy is a practice that can be learned over time. Give children and grandchildren opportunities to research causes, recommend organizations, participate in volunteer activities, or help decide where a charitable gift should go. Even a modest giving budget can create meaningful opportunities for discussion and learning. The goal is to build confidence and a sense of ownership before the responsibility for family philanthropy eventually shifts to the next generation.
3. Create a plan for making decisions together.
As more family members become involved, different interests and opinions are inevitable. Establishing a simple process for making charitable decisions can help everyone feel heard and keep the family’s giving focused on its shared goals. Regular family conversations, clear expectations about who participates in decisions, and an agreed-upon approach to evaluating charitable opportunities can help sustain the tradition over time.
4. Plan for the future of your giving.
A charitable legacy doesn’t have to wait until the end of your life. Estate planning provides an opportunity to document your intentions and determine how your philanthropy will continue. You might include a charitable bequest in your will, designate a charitable fund as a beneficiary where appropriate, or name children or other family members as successor advisors to a donor-advised fund. These arrangements can help ensure that the causes you care about continue to receive support while giving the next generation a role in carrying your legacy forward.
5. Find the right tools and strategy for giving
There is no single approach to family philanthropy. Some families give directly to nonprofit organizations, while others establish charitable funds to organize their giving over time. A donor-advised fund, for example, can provide a flexible way for family members to recommend grants to qualified charitable organizations, engage in shared giving, and continue supporting causes as family priorities evolve. The Foundation can help families explore their options, connect with local organizations, and develop a giving strategy that reflects their values and goals.
An Opportunity to Shape Delaware County’s Future
The Great Wealth Transfer is more than a historic movement of financial assets. It is an opportunity for families to consider what they want their wealth to accomplish and what they hope future generations will carry forward.
For families with deep roots in Delaware County, that legacy may include supporting the organizations that have strengthened their communities, investing in solutions to local challenges, or helping ensure that future generations have the opportunity to thrive. And a charitable legacy doesn’t have to be defined by the size of a gift. It can begin with a conversation, a shared volunteer experience, or a commitment to making generosity part of family life.
The Foundation for Delaware County works with donors and their professional advisors to explore charitable giving options, establish funds, plan charitable bequests, and connect generosity with the needs and opportunities across our community. Whether you are beginning to think about your legacy or looking for ways to involve the next generation in your giving, thoughtful planning today can help make your family’s impact last well into the future.
The most meaningful inheritance may be more than what we leave to the next generation. It may be what we inspire them to do with it.
