Family philanthropy provides an opportunity to explore financial issues in a context that reflects family values and teaches the responsible use of money. It transforms charitable giving from being passive to active. Philanthropic planning is very personal. It involves ethical and psychological issues. Family dynamics may complicate the process. However, note that our clients’ plans and their children’s’ involvement can impact many generations to come.
Charitable giving provides family members with a sense of self-worth and a connection to their community. We often hear from our clients that they "want to give back" but not sure how and how much. Some clients want to give because it is a source of happiness. Others want to give because of gratitude they feel toward key people or organizations that helped them they were in need. Some even give to gain tax advantages.
As advisors, we realize that helping people and/or organizations because they are in need is not always easy. Yet if we begin with ourselves, our family and then circle outward in our community over time we may find that we do have the ability to give and make a difference in the world around us.