- Potential Philanthropic Reading for Families
- “Invite your children to participate in your charitable giving by creating an informal “family fund.” Encourage children to nominate their favorite charities or causes and then hold an annual family meeting to discuss their ideas. When the children are younger, it may be helpful to offer specific ideas, such as buying toys for hospitalized children or supporting baby animals at the local zoo. As they mature, you can show children how to research and evaluate their proposed charities for presentation at the family meeting. The Internet is a wonderful tool for the preliminary research, although nothing replaces the heartfelt experience of visiting organizations and seeing them in action.” Remmer, “Raising Children with Philanthropic Values”
- “A family foundation is an opportunity to work collaboratively on community or social issues of common concern. We believe that family foundations are excellent vehicles for bringing family members together to: (1) express and test shared family values, (2) make a significant difference in the community or on a selected issue; (3) strengthen and pass on a legacy of giving; (4) deepen connections to each other and the outside world through a sense of shared enterprise.The family foundation is a legal structure that requires a modest amount of legal and financial infrastructure and maintenance. Other philanthropic vehicles include donor-advised funds at community foundations or commercial institutions, charitable lead trusts, and “virtual” family funds. There are different tax rules and benefits for each of these vehicles. Your family’s legal and financial advisor will help you select the one that is best suited to your situation and goals.Your choice of philanthropic vehicle, as well as the way you involve your children in the giving process, should be consistent with your parenting and family goals. Are you simply hoping to encourage your children to be altruistic? If so, any vehicle will suffice as long as it gives the young person an opportunity to give according to their interests and passions. Do you want to establish a family legacy? If so, it might make sense to set up a family foundation in which family members work together to address focused social needs.” Remmer, “Raising Children with Philanthropic Values“
- “By the time children reach the age of 10 or 11, they are fully capable of identifying and researching organizations for your family fund to support.” Remmer, “Raising Children with Philanthropic Values“
- “Engage your adolescent children in straightforward conversations about money. Stress the importance of measuring personal success in terms beyond dollars. At the same time, help them develop financial responsibility by asking them to develop budgets for their personal expenses and showing them how to research prices for their purchases. Philanthropy and volunteering are good vehicles for young people to explore social roles and to balance the cynicism that often characterizes the adolescent years. Family service and philanthropy projects may still be appealing, but be sensitive to the possibility that your teenagers may prefer to volunteer with peer groups at school or with community or religious groups. Similarly, while this is an appropriate time to involve children in a family fund or foundation, many children are less interested in working with their parents during the teen years. Some families have kept their children involved by creating “mentor” programs that match aunts, uncles or trusted advisors with teens for discussions or activities related to the family philanthropy.” Remmer, “Raising Children with Philanthropic Values“
- “Some family foundations establish “junior boards” (Ages 18 to 25) of next generation members who, as a group, take responsibility for making a select number of charitable gifts. Others invite their young adult children to work as equal partners in determining the family’s contributions. Many parents have found that young adults can breathe fresh perspective and new ideas into the family’s giving patterns.” Remmer, “Raising Children with Philanthropic Values“