Newspaper article THE JOURNAL RECORD

Estimate of Transfer to Next Generations Sharply Expanded

Newspaper article THE JOURNAL RECORD

Estimate of Transfer to Next Generations Sharply Expanded

Article excerpt

NEW YORK (NYT) -- Boston College researchers say that the widely cited estimate that $10.4 trillion of wealth will be transferred to younger generations over a half-century is far short of the likely amount. They estimate the wealth transfer will be $41 trillion to $136 trillion.

"It can now be safely said that the forthcoming wealth transfer will be many times larger than anyone has previously estimated," said Paul Schervish, director of the Boston College Social Welfare Research Institute, who has spent the last 15 years studying wealth and who created a computer model to study wealth transfers.

The new figures suggest that charities, in particular, stand to benefit from a platinum era of giving. Schervish and John Havens, his deputy at the institute, estimated that between now and 2055, charities would receive bequests of $16 trillion to $53 trillion, measured in 1998 dollars, assuming that the estate tax remains unchanged.

The widely cited estimate of $10. …

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