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
If you are looking for more articles and resources for Giving Resources, take a look at these Giving Compass selections related to impact giving and Giving Resources.
Looking for a way to get involved?
If you are interested in Family Philanthropy, please see these relevant events, training, conferences or volunteering opportunities the Giving Compass team recommends.
Are you ready to give?
Family Philanthropy is an important topic. Other members found these Giving Funds, Charitable Organizations and Projects aggregated by Giving Compass to be relevant to individuals with a passion for Family Philanthropy.