This Family Is Passing Down Their Charity to the Next Generation

When it comes to talking about estate planning—a topic that combines the ultra-awkward subjects of death and taxes—families with fortunes aren’t any more comfortable than the average American is. But when the older generation wants to leave a philanthropic legacy (and on average, the wealthy plan to give away 12 percent of their estate to charities, according to U.S. Trust), the conversation can’t be put off.

Families fare better when they work together to develop a detailed wealth plan in which a “mission is clearly stated,” says Greg Mech, managing director at high-net-worth wealth management firm Caprock Group. That’s the journey the Cordes family took this past summer.