How to Raise a Philanthropist: Tips on how to teach your children to do good

By VERONICA DAGHER

The largest wealth transfer in history has more affluent families placing a greater emphasis on teaching their heirs about philanthropy.

Two trends are behind this development, advisers say: the well-publicized pledge by billionaires Bill Gates and Warren Buffett to donate most of their fortunes to charity; and concerns that the broader transfer of wealth that's taking place could ruin the lives of many of the young recipients, causing them to quit working, for example, or to fritter away their inheritance.

"High-net worth families are increasingly concerned about how wealth will impact their children," says Julie Williams Lytle, the South Pasadena, Calif.-based executive director of philanthropic services at Whittier Trust Co.

 

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