Generations of Thanks
According to the National Center for Family Philanthropy, “effective family philanthropy makes a collective commitment to meaningful societal change. It is adaptive, evolving with the family and the community or ecosystem within which it operates”. But before considering how to make your family giving effective, think about the why. Reflect on why involving your family in charitable affairs is important, regardless of the dollar amounts you contribute.
Thanksgiving, a time of meaningful dialogue and heartfelt thankfulness, is a great time to embark on your family’s charitable journey. You can share with your family why charitable giving is a value you want to pass on to them. Help them appreciate your motivations for doing it and what programs you are passionate about. You should also encourage them to express their passions and causes they feel strongly about. Hearing everyone’s input and interests can make it a more enjoyable experience for all family members.
Fostering compassion and care in younger generations for other people, communities, and causes is an important goal for many parents and grandparents. Many people have found that philanthropy is a great way to deepen bonds, share values, and create meaning between family members. When families discuss their values and giving goals with younger generations, they can help maximize charitable contributions and extend their legacy.
Individuals or families can give to their favorite non-profits in many ways. A donor-advised fund is a streamlined and efficient charitable tool that can increase the amount a family can give to the causes they care about. This can be especially helpful in the early stages of family collaboration when everyone is still learning their passions and how best the family can align their goals for greater impact. You may want to create a family mission statement around your giving. This summary of your goals can be a roadmap to help you concentrate your giving efforts.
Beyond the donation, family volunteering is one of the most impactful ways for families to give back and connect with organizations that are doing good. Volunteering with others in pursuit of a common goal can build valuable skills, including professionalism, teamwork and responsibility. It also helps young people to understand better the impact they can have. While it’s great to begin charitable giving conversations with family early on, there is always time to start. I have often seen grandparents focus on the grandkids because they feel like the middle generation is “unteachable,” only to be proven wrong by their enthusiastic engagement.
We are committed to helping families achieve their philanthropic goals at the Community Foundation of Lorain County. No matter what family tradition you have or begin this holiday season, we are grateful to you and your family as a member of our Lorain County community and welcome the opportunity to assist you on your journey.
Our Estate Planning Guide, available for free download, simplifies the estate planning process by breaking it into smaller, more manageable pieces. Also, please discover the potential of Donor Advised Funds and various other giving strategies on our Donor Learning Portal.
