What would you do if you just learned you were going to inherit $41 trillion?

According to Boston College’s Center on Wealth and Philanthropy, this is the amount of money that will transfer between generations in America from 2005 through 2055.

Obviously one person won’t inherit all of this money, but it certainly raises an interesting question. What would you do if you learned you were going to inherit money from a family member? Would you spend it, save it, share it?

Last week I received an e-mail from a woman, "Sharon," who was interested in doing some research on charitable organizations. Sharon’s question was prompted by the recent death of her father.

During the course of settling her parent’s estate (her mother had died a few years earlier), Sharon had been thinking about a way to honor the legacy of her parents. She wanted to make sure her contributions would go to organizations that were worthy of the gifts.

In my reply, I shared a couple of Web sites with Sharon to help her accomplish the research goal. I then went one step further. I encouraged her to do something that is often overlooked when one is dealing with the details and grieving process that is part of settling an estate. I suggested to her that she try and include her children in the contribution discussion.

If the suggestion seems a bit odd, hang with me. There are times in life when a person is more receptive to information than others. Some folks call these "teachable moments." In this case, the teachable moment for Sharon was to talk with her children about the things (non-material) that were most important to their grandparents.

Was it their love of music, the devotion to their religious organization, their concern for the homeless, or the service club where they were members?

Regardless, what a great way to honor their legacy. To spend time talking about the causes and issues their grandparents valued and then put the research wheels in motion to find organizations that match their interests.

It’s difficult to know what lasting impression this experience will have on a young person. But that’s not really the point. The key is to seize the day and give everyone in the family a chance to step back, reflect, and talk about the best way to honor the legacy of a loved one.

I mentioned earlier that there are a couple of excellent Web sites that will help you do research on nonprofit organizations. While you may not find all the information you need, both sites will certainly add value to the process.

• charitynavigator.org
• guidestar.org

When possible, follow up a donation with a visit to the organization. It is a great way for the family -- especially the children -- to see the impact of the contribution.

What would you do if you inherited $100,000?

Ask every member of the family to see how they’d respond. Don’t be surprised if their first answer starts with "I would buy…" Society conditions us in this direction. Use the question to broaden the discussion around all the things a person can do with the money -- including sharing and saving.

The average American spent more on lotteries in 2002 than on reading materials or movies, and more than half of Americans play the odds.

Source: CNN March 18, 2005

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