“The ability to choose each year whether to give, take income, or reinvest is elegantly simple.”

“Exchange fund, private foundation, and a 5% charitable remainder trust—all in one flexible, unified vehicle.”

“In a world of tradeoffs, this is a rare case of ‘and.’ Income and impact. Security and generosity. Diversification and tax efficiency. The GRA doesn’t ask you to choose—it turns ‘either/or’ into ‘yes, and.”

“If America’s nonprofits held a $20 trillion endowment, we wouldn’t just imagine a better future—we’d fund it. This is a bipartisan path to national renewal: one that strengthens civil society, empowers local action, and builds lasting prosperity for generations.”

“This is a sovereign wealth fund for America—created by the people, for the people, and managed by the charities we trust. It’s decentralized, durable, and designed to serve every community, forever.”

“This simple solution redefines wealth transfer by addressing both core goals of high-net-worth families: protecting loved ones and giving back. An unlimited GRA for children and grandchildren could quite literally unlock trillions in future giving.”

“Billions of dollars could be released through this model as a compelling alternative to 1031 exchanges—a win for both investors and society.”

“Compelling and, if it takes root, it could offer an entirely new way to align donors and institutions over time.”

"I haven’t yet decided if it’s the ideal tool for the top 0.5%. But planned giving is largely inaccessible to 62 million households—most of whom want to give. And $500,000 times 62 million? That’s $31 trillion—without billionaires. That number stopped me in my tracks. The opportunity isn’t theoretical. It’s real—and massive.”

"...but the real shift may come below $10 million, where millions of people want to give, but also need the option for income. The GRA meets both desires with one simple, flexible structure.”

“The idea that the private sector—through charity—can take on our greatest national and local challenges is something Republicans and Democrats alike can support. It’s voluntary, it’s scalable, it empowers communities, and it doesn’t require new government programs or taxes. What an extraordinary bipartisan solution. Honestly, I don’t know who could be against it.”

“The Giving & Retirement Account is an elegant response to a wide range of challenges—short-, medium-, and long-term. It aligns incentives, simplifies giving, and builds lasting financial and social capital.”

“While $20 trillion may be aspirational, there’s no doubt this could rapidly double the size of every endowment in America. That is a realistic, near-term shift with long-term transformational impact.”

“Over $100 trillion will be transferred in the next 30 years—in today’s dollars. If we act now, up to 50% could be endowed to America through GRAs. If we don’t, less than 10% may reach charity. That’s a $40 trillion difference—a $40 trillion opportunity.”

“I would call it an intentionally defective charitable remainder trust, but Giving & Retirement Account has a better ring to it.”

“None of this is new—I’ve used these ideas and tools for years. What’s new is the simplicity. The GRA makes sophisticated strategies accessible to everyone. That’s not just good planning—it’s good for society.”

“Endow your charities and endow your children at the same time. Can I please start presenting this tomorrow?”

“Having the charity manage the money in their endowment is an elegant answer to the hard part—actually making the vision a reality. It quietly solves for alignment, scale, and execution. It may narrow the appeal for some, but it will undoubtedly broaden it for others. That small twist is part of the genius.”

“As an economist, I often ask 'what if?' But I never asked what if America had a $20 trillion endowment—because I didn’t think it was possible. Now I see that it is. And I don’t think most people can grasp how completely this could reshape the country. I still can’t fully imagine it. The position of strength—fiscal, social, even geopolitical—is hard to overstate. This isn’t just a financial idea. It’s a redefinition of national potential.”

“Millions of Americans want to give—but they also need income, flexibility, and control. The GRA speaks to real people with real lives. It’s giving that works.”

“The GRA turns giving into the default, not the exception. That’s the behavioral breakthrough. You’re not asking people to make a sacrifice—you’re showing them a smarter way to live, give, and retire.”

“Every time someone opens a GRA, they’re not just planning their future—they’re helping build a permanent endowment for America. It’s decentralized, voluntary, and profoundly patriotic.”

“The tax code incentivizes giving—but it’s fragmented, complex, and inaccessible. The GRA doesn’t change the rules. It just makes them work for everyone.”

“It solves so many issues. But imagine if it actually was a 401(k) option—built right into the system. And what if it came with a 10% match from your employer? The question isn’t whether people would use it. It’s why it didn’t exist decades ago.”

“I've spent my whole career untangling trusts, foundations, and estate plans for wealthy families. The GRA delivers 90% of the value with 10% of the complexity. That’s not just innovation—it’s access.”

“This isn’t a niche idea. Why wouldn’t everyone have 20% of their assets in a GRA? It preserves flexibility, provides income, builds a legacy, and funds the future of the country. ”

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"I’m not sure 80% of people will put 20% of their assets into a GRA. But I do believe 20% of people—driven by tax, legacy, purpose, and planning—might put 80% of their assets in before death. And that alone could mean $20 trillion."  

“An exchange fund—into endowments you choose, for beneficiaries you choose. Brilliant.”

“A simple trust overlay—restricting access until age ‘X’—completely changes the game. Many donors worry that a child or grandchild won’t make sound financial decisions. This solves for that concern and fuels future giving. Imagine funds compounding from zero to age 50, supporting income from 50 until death, and then passing to charity. This would appeal to more wealth than most can imagine.”

“What do I see? Tiered profits interests. Imagine an entrepreneur facing an uncertain future. They could keep and pay taxes on the first $[20] million, allocate the next $[50] million into a GRA for themselves, and gift the following $[30] million into GRAs for their family. That’s $80 million ultimately going to charity—versus maybe $[5 to 25] million today in a similar situation. GRAs could easily capture 50% or more of future business sales. That’s the opportunity.”

"My CRT and children’s trusts took hundreds of pages, thousands in fees, and came with more ongoing cost and complexity than I ever expected. A GRA? Could be closer to one page, one dollar, and done.”

"73% of private foundations hold less than $10 million in assets. For most, the GRA is a simpler, more effective alternative—delivering the impact without the overhead. ”

"This will likely require spousal consent—but ‘if married at the time,’ it’s brilliant. My CRT automatically splits income equally between spouses, then fully to the survivor. If we divorce, it reverts to me. No renegotiation. No court fight. Just built-in logic. It’s an automatic prenup—woven into the GRA. That’s the game-changer. That’s how estate planning should work.”

"Most American nonprofits live year to year—just like most Americans. Annual giving is unpredictable, expensive, and fragile. Flipping that dependency with endowment-style funding isn’t just a financial upgrade—it’s a structural revolution. This is the big idea: move nonprofits from check-to-check to generation-to-generation.”

"The American Cancer Society has under $2 billion in assets today. With GRAs, that could be $200 billion in less than a generation. What other plan—realistically—could do that? This isn’t incremental change. It’s a reengineering of how we fund the causes we care about. A new era for impact.”

"Millions of people accessing thousands of charities is better than a few charities chasing millions of people. With GRAs, the money sits with the charity, not the donor. No upfront deduction. No appraisal games. Just pure alignment and administrative simplicity. That’s how you scale giving—without the loopholes.”

"The ability to convert IRA assets into a GRA—with distributions taxed 60/40—is a breakthrough. For donors, it means better tax treatment, long-term growth, and ultimate impact. For society, it means redirecting trillions in retirement assets toward public good—gradually, voluntarily, and without sacrificing financial security. It’s a rare alignment of private benefit and public purpose. That’s the win.”

"From a tax policy perspective, the Giving & Retirement Account (GRA) structure is remarkably efficient in balancing public revenue needs with charitable incentives. It shifts behavior from avoidance to alignment—generating revenue in the short term, compounding it in the medium term, and building civic capital in the long term. No shrinkage—only gain.”

"Imagine: 25% to cure cancer, 25% to protect the environment, 25% to support health and human services, and 25% to fund scholarships. Four GRAs. Four endowments. Four legacies. Total flexibility.

You don’t have to choose one cause. Each GRA grows over time, offers income if needed, and ultimately becomes permanent capital for the missions that matter most. It’s not just giving—it’s designing a legacy. And this structure makes it simple, powerful, and lasting.”

"What an incredible vehicle to bring billions in crypto into the mainstream economy—aligned with purpose, taxed fairly, and built for long-term impact.”

"Over $230 billion now sits in DAFs—often without a timeline for impact. The GRA is everything DAF critics wish DAFs were. No upfront deduction. Immediate transfer to charity. Full donor flexibility without compromising public benefit. A compelling alternative—transparent, accountable, and built for real impact.”

"The GRA is a public-private partnership done right. No upfront deduction. Taxable distributions along the way. Permanent charitable capital at no cost to the taxpayer. In a world where we allow DAFs, CRTs, CLATs, and private foundations—it would be nonsensical not to allow something this simple, transparent, and aligned. It’s the rare solution that makes sense across the aisle. A public benefit—without public burden.”

"I hope people realize the financial services industry is already standing by with the easy button. Recordkeeping, admin, investment management—turnkey infrastructure could be up in, I don’t know, a week. My point is: this could scale to every charity, very, very quickly. Just like millions of employers offer a 401(k), millions of charities could offer a GRA. And frankly, the GRA is even simpler to run.”

"Most people give later—when they’re older, wealthier, or no longer need the money. But by then, it’s often too late to build real momentum. GiveEarly flips that mindset. It’s not about rushing—it’s about anchoring intent early and giving it time to grow. That’s what the GRA makes possible—and why GiveEarly is exactly the right name.”

"Hunger and homelessness are incredibly hard to solve through annual giving—but remarkably solvable through planned giving. These challenges are often temporary, and the solutions live at the margin. Most people don’t give more than $10,000 a year to charity. But a $1 million GRA from the millionaire next door generates $50,000 every year, forever. And at the margin, $50,000 can change hundreds of lives. That’s the difference structure makes.”

"For Gen Z and Millennials, the GRA’s so-called restrictions are actually the appeal. Charity manages the funds? Great. Their endowment is my endowment? Even better. I can’t touch it all at once? That’s the discipline I want. For a generation set to inherit $30 to $60 trillion, the structure isn’t a limitation—it’s the gift.”

"Many segments of American charity are woefully under-endowed. Arts, culture, neighborhood churches, health and human services, hunger, homelessness, animals—they don’t need $20 trillion. Just 1% of that would be transformative. The truth is, a little permanent capital goes a very long way.”

"Endow America is the national cousin of Endow Iowa—a bipartisan success story that’s raised hundreds of millions in charitable capital. What supercharged it? Tax credits with a ceiling. Now imagine $1 trillion in GRA tax credits, capped at $100,000 per donor. First come, first served. We’d be on our way to a $10 trillion civic endowment—tripling America’s philanthropic firepower. Now that's infrastructure”

"The GRA is like a supercharged DOGE (Donor Offset for Government Expenditure): a voluntary, tax-positive way for donors to step in where government steps back. That’s why this is a bipartisan solution. Support the GRA while cutting—individuals can close the gap. A civic endowment—with no hit to the federal budget. Private capital, public good.”

"This is what both Harvard and the government need: a polite, practical path to reduce mutual dependence. The GRA allows civil society to fund itself—with purpose and discipline—without relying on tax breaks or political favor.”

"The current tensions between Harvard and the federal government shouldn’t stand in the way of a brilliant bipartisan public-private partnership. The GRA is bigger than one institution. It’s a structural solution that works for everyone.”

"Trump could be the one who Endowed America. Trillions. Forever.”

"Act now, and I’d be stunned if Harvard couldn’t raise $100 billion in unrestricted GRAs. Even non-alums might view their endowment as a solid investment. The timing gap? Easily solved with conservative leverage. This isn’t a dream—it’s executable.”

"If the market opportunity for GRAs is between $5 and $50 trillion, Harvard's share could easily be at least 1%, if not more. With its extensive alumni network and philanthropic influence, Harvard is uniquely positioned to lead this transformative initiative. Let's act now—for the benefit of all.”

"Harvard alumni represent 5% of the world’s ultra-high-net-worth individuals. If just 20% of their wealth were directed into GRAs, it could triple Harvard’s endowment overnight. That’s a win for donors, a win for Harvard, and a win for the administration—at no cost to the American public.”

"If you could change one thing in the world, what would it be? The GRA lets you stop wondering and start doing. It turns intention into action—and ambition into legacy. You’ll sleep well knowing you didn’t just hope for change. You made it possible.”