Does philanthropy travel across generations?

Warren Buffet has been quoted to say that he plans to leave his children "“enough so that they feel that they could do anything, but not so much that they could do nothing." On that note, here's an interesting article in the UK Times: Why wealthy children are giving their inheritance to charity; No more little rich kids The article profiles a number of young entrepreneurs and other wealthy young people in the UK and US who, unlike many of their counterparts, have decided to give all their money away to charity instead of spending it on their lifestyles. “The key thing is that it's not a wealthy individual deciding what's best for others, but shifting power and sharing it with the community,” says Taij Moteelall, executive director of Resource Generation. With the top 1 per cent of the US population controlling 33 per cent of the wealth, Moteelall says that there is a need to help the new generation deal with the confusion of inheriting vast sums. In 2003, 10,000 US households were reportedly worth $100 million."