Source: Schwab Center for Financial Research. Assumptions: 4.5% annual growth, 2.47% inflation, 25 years per generation, estate/gift tax sunset rules apply after transfer to child. Lifetime gift tax exemption of $13.61 million, in 2024. Rounded to nearest million. 

The example is hypothetical and provided for illustrative purposes only. It is not intended to represent a specific investment product. Dividends and interest are assumed to have been reinvested, and the example does not reflect the effects of taxes or fees.