In this chapter we will discuss the unique challenges and options that confront philanthropic couples, multigenerational families and young inheritors of wealth in dealing with ancestral values and legacy. We will provide clarity around when family alignment is desired and necessary, and will also offer various options when certain desired philanthropic pursuits may differ from current thinking and are barred by familial baggage and disagreement.

Your commitment to philanthropy will have a bearing on how your resources are distributed and have implications for your family members and whether or not they are involved in decision-making or taking on management responsibilities.

Oftentimes, decisions about how much money should be set aside for philanthropic projects are part of a larger financial discussion including children’s inheritances, lifestyle budgets and investment strategies. Perhaps more importantly, it is about who claims creation or ownership of the family’s wealth, and who has the final say over how this wealth is allocated.

Here, we seek to highlight the effectiveness of couples as well as multigenerational families who collaborate on their financial and philanthropic goals, from combining their financial assets to dividing their philanthropic responsibilities.

It is anticipated that $30 trillion in assets is expected to pass from North American baby boomers to their heirs in the next 30 years. This transfer will happen against a modern-day backdrop of emotional isolation from family, community and heritage. Putting it bluntly, people with wealth share the same challenges all human beings face when looking for meaning and relevance. It is about finding your own way and your individual path toward meaning, while at the same time maintaining a connection to your past.

You, too, may view family philanthropy as a way to bind your family together. Or you may doubt the ability of disparate family members to agree to work together, much less come to a consensus in pursuit of a shared mission.

Reasons to Talk to Your Family About Philanthropy

Families should have open and ongoing conversations about their philanthropy to ensure that their giving aligns with their values and achieves the greatest impact, while also fostering family unity and a shared sense of purpose. Here are a few of the key goals when talking to family about philanthropy.

Read the full PDF from Rockefeller Philanthropy Advisors.