Engaging younger generations in charitable giving can be a powerful way to strengthen family bonds and nurture values of generosity and compassion. At the Community Foundation, we help you create meaningful opportunities for your family to give back together, fostering personal growth and community impact.
Why involve your family?
Introducing younger generations to the principles of giving helps them understand how philanthropy improves everyone's quality of life. Many families see community involvement as essential to raising thoughtful, responsible adults who contribute to a more compassionate society. By embedding charitable values early, you can inspire your loved ones to carry on a legacy of generosity and civic engagement.
Starting the conversation
Incorporating your family into charitable giving often leads to meaningful legacy and estate planning discussions. Consider the following questions:
- How can you ensure heirs remain connected to your charitable priorities across generations?
- What strategies can balance financial security for your family while fostering their independence?
- How can you support the unique philanthropic passions of younger generations?
Our team at the Community Foundation can help guide these conversations. We’ll work alongside your tax and estate planning advisors to develop a plan that reflects your family’s values and goals.
Addressing concerns about wealth and independence
A common concern among parents is the impact of significant financial gifts on their children’s motivation and independence. Large inheritances may unintentionally hinder financial autonomy or appreciation for hard work. By incorporating philanthropy into your estate plan, you can address these concerns while fostering a culture of giving within your family.
Strategies for family giving
- Philanthropic Estate Planning: Allocate an amount to your heirs that avoids estate taxes, with the remainder directed to charitable causes through vehicles like a donor-advised fund.
- Establishing a Fund: Create a fund at the Community Foundation to support your favorite causes during your lifetime. You can designate your children as successor advisors, allowing them to carry forward your philanthropic legacy.
- Encouraging Collaboration: Successor advisors can recommend grants to charities you’ve supported or explore new causes aligned with their passions. This approach fosters collaboration, strengthens family bonds, and keeps your legacy alive.
These strategies not only help reduce estate taxes but also provide your family with meaningful ways to connect with community values and continue your legacy of generosity.
Let’s create a legacy together
At the Community Foundation, we partner with families who want to inspire the next generation to embrace philanthropy. Our team is here to help you explore tailored strategies that align with your financial and tax goals while ensuring your loved ones live purpose-driven lives.
Contact us today to start the conversation and learn how your family can make an enduring impact—For good. For ever. For everyone.
