For Horowitz, the California charitable tax planner, engaging clients in the philanthropic process benefits both parties. He says the second generation appreciates being included in family financial discussions, and as a whole it helps put families on the same page. And from his perspective, it's good business because it cements his ties with the family.

"They might have assets in other places," says Horowitz, "but since we aggregate all of the assets we are the true quarterback in the financial relationship."

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