The importance of educating children about philanthropy
Veronica Dagher of The Wall Street Journal spoke with wealth managers about the trend of affluent families placing a greater emphasis on teaching their heirs about philanthropy in the “Wealth Adviser” report published today.
“High-net worth families are increasingly concerned about how wealth will impact their children,” Julie Williams Lytle, executive director of philanthropic services for Whittier Trust Company, says in the report. The idea is to mitigate some of the risks heirs face from having too much as the largest wealth transfer in history from the world’s billionaires takes place.
The Wall Street Journal publishes a “Wealth Adviser” special report every quarter featuring opinion and analysis on topics ranging from the housing market to taxes and retirement plans to philanthropy. Whittier Trust Company is an independent investment and wealth management firm with more than $8 billion under advisement, serving more than 270 families and 30 foundations throughout the U.S. The firm has helped families manage, grow and transfer wealth intergenerationally for seven generations.