Every family will pass on a legacy to their children. Of all the things that might be handed down, a legacy of family generosity surely surpasses a legacy of mere wealth. Giving together is one of the greatest activities that a family can share, especially when family generosity is rooted in their love for Christ. However, parents and children do not always share the same vision and values when it comes to giving. The articles below report on the key issues that families face in passing generosity on from one generation to the next.
Top Ten Trends in Family Philanthropy
Family Giving News 4, no. 7 (July 2004).
The National Center for Family Philanthropy, which seeks to promote intergenerational giving, has compiled a list of 10 important trends in family giving. As adult children assume stewardship of family giving, the world of philanthropy is changing. One way that Generation Xers and the rising Millennials differ from their Baby Boomer parents is that they seek a more hands-on approach to giving. The role of wealth advisors is becoming increasingly important in guiding clients through the vast variety of philanthropic vehicles that are now available to them. There is also a call for greater accountability and effectiveness from the receiving organizations. One interesting phenomena that this article cites is the rising “Diaspora philanthropy.” This means that, in today’s global society, younger givers are moving away from community-based philanthropy toward more national and international giving. These are just a few of the important trends that the National Center for Family Philanthropy has come across.
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Five Challenges for Family Philanthropy
Gordon Loux. The Gathering Newsletter 5, no. 3 (October 1999).
“If you sometimes feel that the joy of giving is eluding you, you are not alone.” Giving as a family can be taxing, particularly when a family foundation is first being established. Questions of time, responsibility and differing values often arise and complicate the task. Financial advisor Gordon Loux has worked with family foundations for a number of years and is able to address many of the issues that affect family philanthropy. Though each family’s situation is unique, Loux has found five particular challenges to be almost universal.
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