Baby boomers are one of the wealthiest generations in American history and they’re about to transfer significant wealth over the next few decades. A portion of this wealth is in the form of non-cash passion assets that reflect the passions, interests, and legacies of the individuals and families who owned them. These passion assets include art, jewelry, watches, wine, silver, and other valuable collectibles. However, what happens when the heirs are not interested in receiving the gift of these objects that their parents and grandparents have collected over the years? Or what if there are not any heirs?
These non-cash passion assets can have a tremendous amount of value so using these assets toward a philanthropic strategy may create a life-changing gift. Using these types of assets is an effective way to engage the next generation in a strategic philanthropy initiative presenting families with the chance to work collectively to create a unifying legacy.