How To Make Philanthropy A Family Affair
From Forbes.com
Involving children and grandchildren in philanthropic activities plays an important role in preparing younger generations for wealth and responsibility. Multigenerational discussions about charitable giving plans and priorities can go a long way toward ensuring the successful transfer of wealth and the continuity of values.
The families I work with often find that philanthropy is an excellent way to teach the next generation about financial stewardship in the context of giving back. It also offers children a tangible project in which they can be actively involved, particularly if they are too young to participate in the family business or in other wealth planning activities. Research consistently indicates that proper modeling of family philanthropy can help children understand wealth not as an identity but rather as a tool they can use to make the world a better place.