U.S. giving topped $600 billion for the first time last year. Megadonors and bequests are to thank

Violetastoimenova | E+ | Getty Images A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Donors gave an estimated $617.2 billion to U.S. charities last year, up 5.7% from the year prior on a blistering stock market rally, according to a Giving USA report released this week. The findings mark the first time yearly giving has topped $600 billion in the 60-year history of the annual philanthropy report, which is published by the Giving USA Foundation. Adjusted for inflation, giving was up 3% year over year. The effect of the stock market boom, however, was more pronounced with deep-pocketed donors. Individual donors still made up the highest share of contributions at $394.2 billion, but that sum grew just 1.4% in inflation-adjusted dollars, while charitable bequests – gifts made after death – surged by 16.6% to an estimated $62.19 billion. The rise in bequests could be the latest signal of the Great Wealth Transfer . Cerulli Associates estimates more than $124 trillion in assets will pass down by 2048, with about $18 trillion allocated to charity. Jon Bergdoll, the report's lead analyst, said it's too early to tell how much of the increase in bequeathed gifts is due to the massive handover of wealth. …