Which of the following is NOT a reason why managing multi-generational wealth in a charitable private foundation or donor advised fund is easier for the financial advisor than managing wealth held in simple investment accounts across multiple generational estate transfers?

	1.	Such funds are reduced by estate taxes at each generation
	2.	At death the advisor already has a pre-existing position as manager of the pool of funds that need not be interrupted because the funds are not transferred at death.
	3.	The funds can grow in a tax-free (or tax-limited) environment potentially resulting in more assets under management
	4.	Losses to a family charitable foundation generally cause less emotional stress than losses of personal wealth intended to be spent for retirement.
	5.	The pool of wealth is not automatically divided among several children into several smaller pools, but instead stays intact at the death of the donor.