Encouraging Charitable Giving Through the Generations

Family wide philanthropy that spans the generations does not require a large sum of family wealth or creation of a private foundation. For individuals that want to create a culture of charitable giving in the family, a donor advised fund can be helpful, and communication amongst the family is key. Here are some tips for creating a philanthropy program that includes the whole family:

• Make sure the charitable cause and mission is one that the entire family is passionate about.
• Allow all family members to actively participate in the decisions regarding the charitable plan.
• Have a way of tracking and evaluating the progress of the philanthropy program.
• Fill the experience with learning opportunities and focus on improvement and growth.

See Justin Miller, Establishing a Family Philanthropy Program, Wealth Management, Oct. 8, 2014.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.