As the saying goes, “Charity begins at home”.
One of the most fulfilling ways to give back to society is by involving your family in philanthropy.
Not only does it create opportunities for giving, but it also provides a platform for parents to instill values of empathy, compassion, and community service in their children.
A legacy of giving that can last for generations can be created through family philanthropy.
Family philanthropy is a wonderful opportunity to share the joy of giving and to teach children the value of becoming engaged in their communities.
Here are some ideas on how you can make a significant difference in the world while fostering a giving culture in your family.
- Mission and Vision Statement
Creating a mission and vision statement is important for any philanthropic endeavor as it provides a clear direction for the family’s philanthropic endeavors and helps to ensure that their giving remains focused and impactful.
A mission statement defines the family’s purpose, why they give, and what they hope to achieve. On the other hand, a vision statement describes the family’s long-term aspirations and the impact they hope to have.
It also helps to communicate to potential grantees and partners what the family is looking to achieve and the type of organizations they are interested in supporting.
Once created, the mission and vision statement should be reviewed and updated periodically to ensure they remain relevant and meaningful.
- Action Plan (Roles and Responsibilities)
It is crucial to establish a structure for decision-making, grantmaking, and evaluation so that everyone in the family knows their role and is clear on what is expected of them.
It also helps to ensure that everyone is working towards the same goals and that there is no duplication of effort.
Keep in mind the strengths and interests of each family member when assigning roles and responsibilities. You should also consider the availability of each family member to ensure that the workload is distributed fairly.
- Succession planning
Developing a succession plan is another important step in building a philanthropic legacy. This is to ensure that the family’s giving continues even after the current generation is no longer able to lead.
A succession plan should include a clear process for selecting new leaders and a plan for transferring knowledge and expertise to the next generation.
When developing a succession plan, make sure to involve the next generation in the planning process. This way, you’ll be confident that they truly understand the family’s values and goals.
You should also consider establishing an endowment or other type of fund to provide stability and ensure that the family’s philanthropic legacy continues even during times of economic uncertainty.
- Talk with an advisor
It’s always a good idea to work with an advisor when building a philanthropic legacy.
An advisor can provide valuable guidance and expertise on a variety of topics, including strategic planning, grantmaking, and investment management.
Start building your philanthropic legacy with the help of our experienced advisors! At Kreitler Financial, we are proud to work with clients who have achieved a great level of success and who are committed to long-term relationships.
Schedule a consultation today!