Aspects & Issues

Philanthropy

Nowhere is true wealth more resonant than in giving it away.

My grandparents are always talking about “giving back.” They want to know what we’re grateful for and constantly remind us how lucky we all are.  Last year during Thanksgiving, my whole family volunteered at a soup kitchen together for a few hours.  I thought it was going to be really boring, but it turned out to be fun.  We can participate in community volunteer projects in school this year, so I’m going to ask a couple of my friends to help me and my mom with the food drive for the homeless.

Eric, age 12

Philanthropy is a remarkable thing.   It feels good to help others, but in a very profound sense you are also helping yourself.  Wealthy families who choose to engage in philanthropy are creating an activity in which everyone involved can work together.  They help to create a family legacy, a multi-generational consciousness that will extend for years to come.  Defining your giving priorities and guidelines, developing family governance, and evaluating the benefits of your donor practices is a challenging proposition.  It is also very attainable.

The Wealth Legacy Group guides family members to develop a shared mission, develop trust and accountability and feel proud of their collective ability to make a difference. 

In the course of creating a platform for giving there are also these considerations:

• Children can be taught that they can make a difference, both with their time, talent, and financial resources
• Proper education and modeling of charitable efforts underscores the concept that money is a tool rather than a definition of who you are
• Careful positioning of a philanthropic endeavor can unite extended family members
• Collaboratively defining the family’s philanthropic mission and legacy statement will minimize conflict by maximizing buy-in
• Finding the right balance between supporting the founders’ causes and allowing new generations to develop their own passions