Philanthropy provides an opportunity for families to honor and strengthen their family legacy and to serve a goal outside themselves. Family philanthropy also provides a way for families to define and implement a sound decision-making process, enabling them to learn about and practice wise governance procedures.
As family members across generations engage in a common purpose, they can build and nurture important bonds. Ideally, all family members have a chance to follow their passions, and to have their voices heard in decisions made by the family or certain family members.
Communication about philanthropic goals is important for those who may be asked to carry forward the plans of their parents or others. A lack of understanding can create frustration and confusion. In some cases, families may experience conflict over goals, priorities, or the nature of planned or completed donations.
A facilitated family meeting, mediation, or consultation with an experienced, educated, neutral third party can help families make the most of family philanthropy.
Take the first in developing your family’s legacy plan: 203.887.1160.