By Aileen Miziolek, Kent B. Rhodes, Rebecca Trobe, Jennifer Bickerstaff
For The Family Business Consulting Group (FBCG)
February 4th, 2025
These five key steps are good starting points for families to consider, particularly as they prepare for the coming transfer of wealth and how they might fully enact a mission of doing good in the world.
In January of 2022, the market research firm, Cerulli Associates, projected that more than $84 trillion will be transferred to family heirs and philanthropic interests by 2045 in the U.S. alone. Since then, these numbers have been further verified with significant implications for generational wealth and opportunities for philanthropic endeavors for families.
As a result, financial firms are lining up to help heirs invest those funds, including providing support in setting up foundations for their philanthropic endeavors. These firms are also appropriately realizing the importance of identifying family values that drive charitable giving, providing education for next-gen family members, and even designing family meetings. But many of these firms are also discovering that delivering these non-financial services is much more complex than what most accountants and attorneys are prepared to tackle.
By reflecting on the guiding questions outlined in this article, families can engage in meaningful discussions, assess their philanthropic impact, and ensure their giving strategies remain effective, inclusive, and aligned with their legacy.
Aileen Miziolek is a Family Business Consultant, Certified Financial Planner, and Organization and Relationship Systems Coach. She brings a multi-disciplined and integrated approach to her work, including 25 years of experience in complex financial and estate planning for business-owning families. As Aileen’s career unfolded, she developed a passion to help families work better together by overcoming relationship challenges and helping them learn to create the family culture they desire – one that supports their individual and collective capacity to keep growing. Today, Aileen works with families across North America to help them create and sustain wealth together – in all its life-giving dimensions.
The Family Business Consulting Group, Toronto
