Millionaire households increased their charitable donations more than 20% last year, but such gifts are expected to decline this year, according to a survey.
Uncertainty over estate tax laws, and family obligations are some of the reasons affluent families are cutting back on charity, according to an annual survey of high-net-worth U.S. households conducted by Northern Trust Corp. and released last week.
Northern Trust, which polled 1,027 millionaire households, found that the largest charitable increases last year were made by households with at least $10 million of assets.
The survey said that Generation X millionaires tend to give more than baby boomers. About 26% of Generation X millionaires made charitable gifts exceeding $20,000 last year, compared with 15% of baby boomers.
Northern Trust said about 27% of the survey's respondents said that they plan to increase their charitable donations this year, versus 44% last year.
