Imagine that you are set to make a large annual donation to your favorite charity—the one you’ve supported ever since receiving your very first paycheck.

We spoke with 225 family foundations to better understand their plans for 2024. What we learned covers plans for their grantmaking and endowments, philanthropic priorities and challenges, as well as areas where they’d like to collaborate with other foundations and expand their knowledge.

The annual UBS Billionaire Ambitions Report was released in December, and this year there was a striking topline finding: for the first time, the number of new billionaires who inherited wealth exceeded that of “self-made” billionaires.

Developing philanthropic values isn’t a one-size-fits-all approach. And if you are waiting for the best time to speak with your children, nieces or nephews, or your grandchildren, the time is now.