Page 6 - Volume 43-Number 01 02-17-20

LEAVING A LEGACY

As well as backing charities with her own wealth, much of Choudhrie’s work is fundraising
from fellow boomers. The idea of a “legacy” is starting to come up more and more at dinner
tables, business boardrooms and family forums as this generation decides how it wants to
be remembered, she says.
“Legacy is a buzzword
today.”

For the over 65s, this legacy
is most likely to be translated
into education, art and
culture. Almost nine in
every 10 such individuals
direct at least part of their
philanthropic efforts to this
area according to a report
from Wealth-X. “This very
proud generation of baby
boomers wants to leave a
legacy in memory of their
upbringing and heritage,” adds Choudhrie.

But this is not a new idea. Already The Giving Pledge, founded by Warren Buffet and Bill
Gates, has 205 signatories who will give most of their wealth to charity when they die. Both
Gates and Buffet have also said their own children will receive only a fraction of their wealth.

No longer is this just a billionaire’s trend, though. Down the wealth chain, boomers are starting
to think of their own legacies. This will be music to the ears of charities that were fretting over
falling donations at the end of the last decade.
“We think the marketplace for charities is vastly underestimated. We cannot emphasize that

enough,” stresses John Pantekidis, the CIO of TwinFocus.

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