Talking to your family about giving and philanthropy can be a meaningful and impactful conversation. Whether you’re looking to engage in family philanthropy or establish a donor advised fund, it’s important to approach the discussion with care, understanding, and a shared vision. When family conversations around charitable giving are open and inclusive, they can help foster a sense of purpose, unity, and generosity across generations.
In this blog, we will explore how to initiate and guide discussions with members of the family about charitable giving, how to align everyone with philanthropic goals, and how these conversations can be beneficial for both the family and the community.
The Importance of Family Conversations About Giving
Family philanthropy offers an incredible opportunity to align the values of the family with charitable causes. However, initiating conversations around giving can sometimes be challenging, especially if different family members have varying opinions or levels of engagement. When people feel comfortable discussing their values and intentions regarding giving, it can help unite them towards a common goal.
These discussions can help families:
- Clarify their philanthropic goals: Whether it’s supporting local community projects, global causes, or specific charities, conversations help everyone understand the causes that matter most.
- Share perspectives: Different generations often have diverse views on giving. Conversations can be a great way to explore these differences and find common ground.
- Strengthen relationships: Engaging in family philanthropy can strengthen relationships, as working together towards a shared cause fosters collaboration, trust, and mutual respect.
Steps to Initiate the Conversation About Giving
1. Start with Values and Shared Beliefs
A great way to start the conversation is by focusing on shared family values. What does your family care about? What social or environmental issues resonate with everyone?
Encourage an open and respectful discussion where members of the family can express their views on causes that align with their beliefs. These values will form the foundation for your philanthropic goals. The goal is not to pressure anyone but to spark a dialogue that leads to mutual understanding.
2. Be Transparent About Your Intentions
When discussing family philanthropy, it’s important to be transparent about your intentions. Whether you’re thinking about setting up a donor advised fund or contributing to a specific cause, clearly articulate why this is important to you and how it aligns with your family’s values.
When you’re transparent about your goals, it helps to avoid misunderstandings or conflicts. It also sets the stage for a positive conversation where everyone is on the same page.
3. Include All Generations in the Conversation
Involve everyone in the family, from younger members to the eldest. Engaging different generations in philanthropic conversations creates an opportunity for intergenerational learning. Young people might bring new perspectives to giving, while older members can share their experiences and wisdom. This collective dialogue often leads to a more balanced and inclusive family philanthropy plan.
4. Introduce Tools and Services to Make Giving Easy
One way to encourage involvement is by introducing services team or resources that can help family members feel more confident about their charitable contributions. Whether it’s setting up a donor advised fund or creating a family foundation, there are tools available to make the process easier and more structured.
A donor advised fund can be particularly attractive as it provides flexibility in choosing the charities or projects your family supports, making it easier to track donations, and enabling all members of the family to be actively involved in decision-making.
Overcoming Challenges in Family Philanthropy
1. Different Opinions or Priorities
It’s natural for members of the family to have differing opinions or priorities when it comes to giving. Some may want to support causes like education, while others may be more passionate about the environment. The key to overcoming these differences is to approach the conversation with respect and a willingness to listen.
Work towards finding common ground. You might find that the family can support several different causes, or they may decide on one cause that resonates with everyone.
2. Lack of Engagement from Some Family Members
In some cases, family members might not feel personally engaged with the conversation, either because they haven’t considered philanthropy before or they have other priorities. Encourage them to participate by explaining the impact that family philanthropy can have, both on the community and the family itself. Engaging in charitable giving provides an opportunity for family bonding, and it can be a fulfilling experience for everyone involved.
The Benefits of Family Philanthropy
Family philanthropy isn’t just about giving money to a cause. It’s about creating a shared family identity, building a legacy of giving, and making a meaningful difference in the world. By engaging in philanthropy together, families can:
- Create a lasting legacy: Working together on charitable projects can become a family tradition, passed down through generations.
- Make a positive impact on society: The collective effort of a family working towards a shared philanthropic goal can create a significant, lasting difference.
- Strengthen family bonds: Collaborative giving fosters stronger relationships and encourages teamwork and mutual respect.
How The Giving Advisory Can Help
At The Giving Advisory, we understand that initiating and maintaining conversations about giving in the family can sometimes be challenging. Our services team is here to help guide your family through the process of family philanthropy, whether you’re starting a donor advised fund, planning your first charitable contribution, or seeking advice on how to align your giving with your family’s values.
If you want to learn more about how to engage your family in giving and create a lasting philanthropic legacy, contact us today. We’re here to help you reach your philanthropic goals and make a positive impact together.