“Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.”
— Benjamin Franklin
“The only thing that is constant is change.”
— Heraclitus
I recently came across a fascinating article in The Chronicle of Philanthropy about what’s being called the “Great Wealth Transfer.” At first glance, it might sound like a buzzword — but it really boils down to two things we all eventually face: death and taxes.
According to financial research firm Cerulli Associates, an unprecedented $124 trillion is expected to change hands between generations by 2048. Of that, around $18 trillion is projected to go to charity. Predictably, the bulk of that money will end up with elite institutions: top-tier universities, major hospitals, and large national nonprofits. But here’s the important part — there’s still meaningful opportunity for smaller, community-based organizations, including those in rural areas like mine.
Let’s talk about Baby Boomers. Born between 1946 and 1964, they’re now between the ages of 61 and 79. They’ve benefited from both a population boom and an economic one. Many Boomers have enjoyed strong homeownership rates, low debt, and higher asset accumulation thanks to market growth, real estate appreciation, and generous pension systems (now largely gone for younger generations).
Meanwhile, Gen X (that’s my generation), Millennials, and Gen Z are feeling the squeeze. We’re supporting aging parents while facing rising costs and more uncertain financial futures. That generational shift has created a concentration of wealth among older Americans — wealth that will be passed down in the coming decades.
In places like Sullivan County, NH — my own corner of the world — the median age is 47, higher than the state (43) and significantly above the U.S. median (around 38). We have higher homeownership rates and lower mobility, which means more estates are likely to include valuable real estate that stays local. We’re also one of the least religious states, which could mean fewer legacy gifts going to churches or distant religious institutions. And we’re generous — especially toward the nonprofits that serve our local communities.
Before my time working in fundraising at Dartmouth College, I hadn’t truly appreciated the power of planned giving — or how many simple, meaningful ways there are to include charitable gifts in estate plans, wills, or even life insurance policies. I also had a front row seat to how complicated it can be. The reward however, can be significant. Including a tax exempt non-profit in your estate plan can reduce potential tax burdens on the estate or the heirs.
Now, nonprofits of all sizes are being encouraged to prepare for this moment by building or strengthening their planned giving strategies. This means educating donors (and ourselves), having conversations about legacy gifts, and being proactive — not just reactive. If this is a new area for you, find local law offices, tax professionals, and financial planners who can educate you and your donors on how to make it happen.
Key Takeaways for Local Nonprofits:
- There Are Many Forms of Planned Gifts:
Some planned gifts are revocable, meaning the donor can change their mind. Others are irrevocable — locked in when the gift is planned. Options range from bequests in wills to charitable remainder trusts, retirement account beneficiaries, and more. - Big Potential, But No Guarantees:
Planned gifts often involve complex assets — stocks, real estate, even artwork. These can fluctuate in value or come with restrictions. Nonprofits should be prepared for variance in actual impact. - Most Money Goes to the Big Guys:
Major universities and hospitals have dedicated planned giving departments. Smaller nonprofits need to actively pursue these opportunities — they won’t fall into your lap. - Demographics Are Key:
Most planned gifts come from older, wealthier donors — often in their 80s or 90s. Also, women typically live longer than men and often inherit family assets, making them key decision-makers in legacy giving. - Engage the Next Generation:
Younger generations are already managing or inheriting wealth. Donor-advised funds and family foundations are putting them in the driver’s seat. Connecting early with Gen X and Millennial donors is crucial — especially if they’ll be managing their parents’ or grandparents’ estates.
The Great Wealth Transfer is not just a headline. It’s a quiet revolution — one with the potential to reshape philanthropy at every level. For small, mission-driven nonprofits, especially in rural communities, the time to act is now.
Educate your team. Talk to your donors. Build relationships with local financial and legal advisors. And most of all, help your supporters see how their legacy can make a lasting impact — right here at home.