Posted on September 3, 2003

Philanthropy and Voluntarism

While nearly 60 percent of affluent Americans over the age of forty-five plan to leave an inheritance to their children, only about 10 percent say they are "very likely" to leave money to charity, according to a new survey commissioned by the Charles Schwab Corporation. In fact, 56 percent of wealthy respondents (defined as having household income of at least $100,000 or a net worth of at least $500,000) are unlikely to give any part of their estate to charity. Of those, more than 70 percent said they wanted to leave their estates to their beneficiaries instead, and 21 percent said they didn't trust charities to spend their money well. The survey also shows that a quarter of the respondents have yet to draw up an estate plan, and many believe that their estates are too small to warrant one.