Giving as a family helps define shared family values, and putting those values into action helps solidify a legacy. Developing a common giving philosophy can unite all families, not just those with wealth. Beyond having a positive impact on the organizations and issues you care about, your family can reap many rewards from making generosity a group project.
Family giving can:
- Help family members develop a deeper connection and build trust by working together;
- Create an outlet for everyone to share their passion, perspective, knowledge and talents;
- Allow for direct interaction and learning between generations, from grandparent to grandchild;
- Illustrate to children that giving back to their community is important;
- Teach younger family members a wide range of skills—communication, negotiation, shared decision making, leadership, accountability and financial literacy—that can be directly transferable to business;
- Build well-being and positively affect the health and happiness of family members;
- Allow the family to control how their money is used instead of going to the federal and state taxes; and
- Offer opportunities for family members of all ages to experience the joy of giving.
For more about how you can start a family charitable fund, contact Ashley Coldiron at 501-372-1116.