Philanthropy is a powerful way to make a positive impact on the world, and involving your family in charitable giving can be a transformative experience. By instilling the values of generosity and compassion, you can create a lasting legacy of giving. Here, we’ll explore the importance of involving family members in philanthropic efforts and offer guidance on creating a family giving plan.

The Importance of Family Philanthropy:

1.       Shared Values and Purpose: Engaging in philanthropy as a family provides an opportunity to identify and reinforce shared values and a common purpose. It strengthens family bonds by working toward a collective goal.

2.       Teaching Empathy and Responsibility: Philanthropy helps children develop empathy and a sense of responsibility towards others. It exposes them to different perspectives and encourages them to think about the needs of those less fortunate.

3.       Creating a Legacy: By involving your family in charitable giving, you’re not only making a difference today but also establishing a legacy of giving that can be passed down through generations.

Guidance on Creating a Family Giving Plan:

1.       Start with a Family Meeting: Gather your family for a meeting to discuss the idea of philanthropy. Share your reasons for wanting to give back and listen to your family members’ thoughts and values.

2.       Define Your Values and Focus Areas: Identify the causes and issues that resonate most with your family. Are you passionate about education, healthcare, poverty alleviation, or environmental conservation? This step helps determine your philanthropic focus.

3.       Set Clear Goals: Establish specific, measurable, and achievable philanthropic goals. Determine how much you want to donate and the impact you hope to achieve.

4.       Research and Choose Charitable Organizations: Research charities and non-profit organizations that align with your family’s values and chosen causes. Utilize resources like Charity Navigator or GuideStar to evaluate their effectiveness and financial transparency.

5.       Create a Budget: Set aside a portion of your family budget for charitable giving. Decide how much you can comfortably allocate to philanthropy without straining your finances.

6.       Plan Family Giving Activities: Get creative with your philanthropic activities. You can volunteer together, organize fundraising events, or create a family foundation or donor-advised fund to manage your charitable contributions.

7.       Teach Responsible Giving: Encourage family members, especially children, to participate actively. Teach them about responsible giving, budgeting, and evaluating the impact of their donations.

8.       Regularly Review and Adjust: Periodically review your family giving plan to help ensure it remains aligned with your values and goals. Be open to adjusting your focus areas or charitable organizations as your family evolves.

9.       Celebrate Achievements: Celebrate your family’s philanthropic achievements together. Recognize milestones and share stories of the impact you’ve made.

Involving your family in philanthropy is a rewarding journey that not only benefits society but also strengthens the bonds within your family. By creating a family giving plan, you pass on the spirit of giving to future generations, leaving a legacy of compassion and positive change in the world.

 

Any opinions are those of Dan W. Nowell Wealth Management and not necessarily those of Raymond James.  Expressions of opinion are as of this date and are subject to change without notice. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.