Jonathan was a successful businessman who had accumulated a modest nest egg. While he had worked his way through college, he was able to pay for his children’s college education. Now he wondered how he might keep his family united after his passing, while instilling in them a moral essence he felt they lacked.
He decided to discuss with his family his plan to leave a gift in perpetuity to a charitable organization that feeds hungry children.
He suggested his children consider doing the same after they pass, which would give them a common interest in a moral cause. They decided they would start a family fund to support in perpetuity the organization their father cared so deeply about. They agreed that upon his death, the family fund would receive an endowment of $100,000, from which the charity would derive interest annually.
His children also agreed they would contribute $100,000 upon their deaths. They would use this fund to create a passion for generational philanthropy so their children might contribute to the fund as well in what would become a living example of planned generational giving. This in turn would keep them all connected in a common cause stemming from Jonathan’s love for a charity.
No matter what your economic status, if you wish to make an impact upon society, by including your family you perpetuate your dream, while keeping your heirs connected by a common, uplifting purpose.
This rewarding experience of engagement ensures continuity of purpose across generations, while providing an opportunity for all family members to have a voice in the charitable planning process. By sharing your passions with the other members of your family, something transformational occurs. The family bonds grow stronger and it is not based on selfish items, but on the bonds are based on selfless issues on how to make their world a better place to live in for everyone.
To create a culture of family giving, begin by helping your children appreciate the values your family holds dear. Share with your family what inspires you and the history of your family and discuss what they are passionate about as well. This will guide you so they will be able to choose the causes which mean most to them. Whether it’s giving time or money, each family member can take ownership of a loved one’s dream. It’s never too late to do so.
Next, formulate together a “giving mission statement,” which is both inspiring and powerful. Typically it’s a few sentences articulating your giving goals and methods. Then research the non-profits which meet your criteria for doing good.