It is no secret that an estimated $84.4 trillion in wealth will pass primarily from Baby Boomers to younger generations over the next two decades. This seismic shift underscores why legacy planning has become a top priority for many financial advisors and their clients. “We’re seeing more families recognize that philanthropy isn’t just about financial giving, it’s also a way to unify family members across different generations,” said Katie Vogel, director of donor services at the Omaha Community Foundation.

Discussing family values and giving back to the community is a great way to start conversations about your clients’ financial plans. Dan Waters, a Chartered Advisor in Philanthropy^® (CAP^®) and attorney with Lamson Dugan & Murray, has worked with high-net-worth individuals and business owners since 2008. He stresses the importance of including philanthropy in wealth transition conversations. “When you do wealth transition planning, it’s important to discuss setting aside wealth for philanthropic purposes,” Waters said.

While he handles estate planning and tax structuring, Waters turns to the Omaha Community Foundation for their deep knowledge of the nonprofit landscape. “I’m not Omaha’s philanthropy expert. That’s what leads me to bring clients to the Community Foundation to meet their philanthropic objectives,” he said.

In the evolving landscape of wealth management and philanthropy, involving the next generation is no longer optional—it’s essential. Financial advisors who embrace multigenerational planning can enhance asset retention while ensuring their clients’ charitable goals are carried forward. Whether it’s deciding when to bring younger family members into the conversation or tailoring strategies for different generations, a thoughtful approach helps build lasting legacies.

“Seventy percent of wealth transfer happens first to senior women, then to the next generation,” said Abby Arcishewsky, a Chartered Advisor in Philanthropy^® and the founder of Archway Consulting. She suggests financial advisors consider these patterns when planning wealth transfers and philanthropic discussions.

Getting spouses on the same page first can provide clarity, said Nick Meysenburg, a Chartered Advisor in Philanthropy^® and attorney with Dvorak Law. He then advises bringing the next generation into the discussion. “You’re setting them up for success by tutoring them now,” he said.