Giving Compass’ Take:
• CFP Ted Snow discusses the details of estate planning and how to leave behind a legacy of generosity.
• Do your children see how you give? Is philanthropy a part of your inheritance plan? Start the conversation, with Snow’s essay as a guide.
• If you’re looking for ways to involve kids early in philanthropy, check this out.
Estate planning is an important part of a family’s overall financial plan. Grandparents and parents may not know the best way to pass down their wealth to the next generation, which involves more than minimizing estate taxes that will be owed on the inheritance. When one dies with considerable assets, they have several options for places to leave their money, including to loved ones or a charity.
Impressing upon the next generation that it is good to give to organizations that are purposeful is important. It could be environmental, humanitarian, disaster relief, animal, other philanthropic organizations, or it could be to help fund the endeavors of local churches. It could also be helping a struggling family in the house next door. These are all important causes to give money. In addition to giving, we teach our next generation the importance of giving because, not only do we need to look after our own needs but the needs of our neighbors and others in extreme poverty. This helps us, as people, develop empathy and sympathy for others that are truly in need.
Let your children see you give and remind them why and how much you are giving. Also, give your time serving as well so they can put real faces on the action of giving money. Not that we are expecting anything in return. We get so much back from giving — soul level gratitude, character, a sense of sacrifice and purpose. These reasons far surpass the added benefit of a tax deduction for giving.
Read the full article about estate planning and passing down generosity by Ted Snow, CFP®, MBA, at Investopedia
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Looking for a way to get involved?
A good way to complement your interest in Family Philanthropy is to connect with others. Check out these events, galas, conferences or volunteering opportunities related to Family Philanthropy.
Are you ready to give?
In addition to learning and connecting with others, taking action is a key step towards becoming an impact giver. If you are interested in giving with impact for Family Philanthropy take a look at these Giving Funds, Charitable Organizations or Projects.