“Gifting is about more than passing down wealth—it’s about passing down purpose.”
Susan Hirshman
Director of Wealth Management
Schwab Wealth Advisory and Schwab Center for Financial Research
…on the motivations behind high net worth gifting, via Schwab’s latest HNW Client Pulse Survey.
Despite market volatility and economic uncertainty in early 2025, high net worth investors aren’t pulling back on their wealth transfer plans. That’s according to Schwab’s latest client pulse survey, which shows 51% of clients with at least $1 million in assets plan to gift some of their wealth this year.
Susan Hirshman, Director of Wealth Management at Schwab
As Schwab’s Susan Hirshman notes, it’s not just about the money changing hands. The conversations around gifting center on values, legacy, and preparing the next generation to be thoughtful stewards of what they receive.
Among those gifting, 25% plan to increase their giving compared to last year, while only 7% plan to reduce it. Looking ahead, 57% intend to gift assets within the next five years, and 74% plan lifetime transfers.
With gift tax exemptions rising to $19,000 per person in 2025 and an estimated $124 trillion set to transfer to younger generations by 2048, family decisions are reshaping how wealth moves through America.
Cash is king for transfers, but nearly one in four high net worth clients are moving investments—a strategic move that leverages appreciated assets for tax efficiency while reducing capital gains and estate taxes.
But the motivations run deeper than tax optimization, per the survey. Two-thirds cite general family financial support, while 34% focus on estate and tax planning. Education funding drives 30% of gifters, and 21% aim to support major life milestones—weddings, home purchases, or business launches.
The report shows 84% of gifters focus on their children, with 91% targeting adult children over 18. Half have already begun—or plan to initiate—conversations about these transfers.
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