The Community Foundation and BNY Mellon Wealth Management partnered on a panel discussion about Giving With Your Family, with expert speakers:
- Doug White: Author and philanthropic leader, consultant to family foundations, former director of Columbia University’s Fundraising Management program
- Elizabeth “Betsy” McNeilly, CFP: Senior Director of Wealth Management, BNY Mellon Wealth Management
- Joyce Rappeport: Albin Family Foundation
The panel had great advice. Here are ten of their tips to help multiple generations learn to give together:
1 – Family philanthropy can bring relatives closer only if you are prepared to be flexible.
2 – It’s valuable to bring your children or grandchildren to meetings about family giving, even if they are very young. Talk about the things they see in the world and what they wish could be different.
3 – Teach your children that the world is bigger than themselves.
4 – Model the values you want to promote.
5 – As a family, talk about what it means to give back regularly.
6 – Remember, you don’t own the values of your children.
7 – Let go: allow the next generation to do some of the things they really want to do.
8 – Make a plan to pass the reigns over to the next generation while you’re still around to watch.
9 – You don’t have to give away millions of dollars to make a difference in the word. You can – and should – start small.
10 – Never forget that philanthropy is the idea of loving humankind.
Some more resources to help you:
- Picture Your Legacy app
- The 21/64 Foundation
- “Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values” by Roy Williams and Vic Preisser
- The Giving Family: Raising Our Children to Help Others” and “Generous Genes: Raising Caring Kids in a Digital Age” by Susan Crites Price
- “Wealth and Families” by Charles W. Collier