More Than an Inheritance: Passing Down a Tradition of Giving

When we think about inheritance, we often think about what gets passed down: a family home, investments, a business, land, or other financial assets.

As trillions of dollars are expected to change hands from one generation to the next in the coming decades, much of the conversation surrounding the “Great Wealth Transfer” has understandably focused on those assets. Who will inherit the family business? What will happen to the investment portfolio? How should an estate plan be structured?

Those are important questions. But there’s another one worth asking: What values do you want to pass along, too?

For many families, generosity is one of them.

Passing along a tradition of giving

A charitable legacy doesn’t have to begin with a gift made through an estate. It can begin much earlier around a dinner table, during a conversation with children or grandchildren, or while deciding together which organizations to support.

Talking about why you give can help the next generation understand the experiences, people, organizations, and causes that have shaped your life.

Why have you supported a particular nonprofit for 20 years? Why does your family care deeply about education, the arts, youth, healthcare, or your hometown? What needs in the community do you hope future generations will continue addressing?

Those stories can become part of the inheritance you leave behind.

You might also invite younger family members into charitable decisions today. If you have a donor-advised fund, for example, children or grandchildren can participate in conversations about which organizations to support and why. Over time, those experiences can help create a family tradition of generosity that continues from one generation to the next.

Putting your charitable legacy into your plans

Your values can also become a formal part of your estate plan.

According to Giving USA, charitable giving through bequests reached $62.19 billion in 2025, an increase of nearly 20% from the previous year. Bequests experienced the largest percentage increase among the four major sources of charitable giving in 2025.

A charitable bequest can take several forms. You might leave a specific dollar amount or percentage of your estate to a nonprofit organization, establish or add to a charitable fund, or include your donor-advised fund at the Greater Manhattan Community Foundation in your estate plans.

A donor-advised fund can also provide an opportunity to involve the next generation. By naming children or other loved ones as successor advisors, you can give them the opportunity to continue recommending grants to organizations and causes they care about after your lifetime.

The financial gift matters. So does the responsibility and tradition of generosity that comes with it.

You can provide for family and community

Charitable estate planning does not have to be an either-or decision between loved ones and charitable causes.

Many people choose to provide for their families while also dedicating a portion of their estate to organizations, causes, or communities that have been important throughout their lives.

For individuals and couples with particularly large estates, charitable planning may also have estate-tax implications. The federal basic estate tax exclusion is $15 million per individual in 2026, meaning federal estate taxes affect a relatively small number of estates. If this could apply to you, your attorney, CPA, and financial advisor can help determine how charitable giving may fit into your estate and tax planning.

Regardless of the size of an estate, however, a charitable gift can carry significant meaning.

What do you want to pass on?

An estate plan helps determine what happens to the assets you have accumulated throughout your life. Your legacy can also reflect the values that guided you along the way.

Generosity. Community. Opportunity. Service. Caring for the place you call home.

At the Greater Manhattan Community Foundation, we work alongside individuals, families, and their professional advisors to explore charitable bequests, donor-advised funds, and other giving options that can continue supporting the causes they care about for generations.

As you consider what you hope to leave behind, consider another question alongside the financial ones: What do you hope the next generation carries forward?

This information is provided for educational purposes and should not be considered tax, legal, or financial advice. Please consult your professional advisors regarding your individual circumstances.