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Young Donors Give Inherited Money for Social Change

March 17, 2008, 12:35 pm

Some young heirs are giving away almost all their new fortunes to small, social-change charities, reports the International Herald-Tribune.

Karen Pittelman, a singer in a punk band who inherited $3.5-million when she was 25, donated all but $15,000. Jamie Schweser gave away 75 percent of the $1-million inheritance he received at age 27, mostly to small groups like Critical Resistance, which fights the construction of new prisons; he also helped found the Gulf South Allied Funders, which aids regions hurt by the 2005 hurricanes.

Young donors are giving away large fortunes as they question how much money they really need, the newspaper says.

“When the money was suddenly in my name and I really came to grips with my privilege and class background, the denial came apart,” Mr. Schweser says. “I realized: I am literally the Man.”

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