There’s a boat that’s leaving soon for…?
If you are a fan of George Gershwin and his 1935 masterwork opera “Porgy and Bess,” then you filled in the title above with New York. But if you are a nonprofit organization without an investment in planned giving, let’s review both the rationale for YoungAssociates’s Prospect Development Wealth (PDW) and establishing a planned giving program before you miss that boat.
Keep the following in mind:
- Even with the crash of 2007, the past 20 years has been the most massive period of private wealth generation in history.
- Two thirds of millionaires own their own businesses.
- It is our experience over 40 years that the vast majority of affluent business owners came from “poor” or “middle class” backgrounds.
- By the year 2047, the baby boomer generation will have completed transfers of $47 trillion inter-generationally.
- Six out of every ten adults dies without a will or trust agreement.
- 95% of people in the US own life insurance.
- The number one concern of parents on matters of inter-generation transfers? Most estates are dissipated within seven years of the decedent due to the lack of good management.
- According to the Rockefeller Foundation, fewer than 15% of those individuals capable of making large gifts have ever been asked.