All in the Family
Increasing life expectancies mean generations are interacting more, which brings about more opportunities for family philanthropy.
Image credit: Photo by _J_D_R_ via Creative Commons
She’s only four, but Noa Grosby is a budding philanthropist. She picks out items to donate to the food shelf when the family shops. She donates new toys to children in need. She even sets aside some of her weekly $1 allowance for charity.
Noa’s mother, Darla Kashian, associate vice president and a financial advisor at RBC Wealth Management in Minneapolis, is instilling in her daughter a concept many adults could stand to learn: giving should be second nature, and it should be a family affair.
“[Giving] gets her thinking about why we can go to the store and buy what we want while there are others who can’t,” Kashian explains.
By 2052 $41 trillion will be passed on to Noa’s generation, according to research by Boston College. That’s a lot of money changing hands—and there’s myriad beneficial ways in which it could be used. Robyn Schein, donor services advisor at the Minneapolis Foundation, says increasing life expectancies mean generations are interacting more, which brings about more opportunities for family philanthropy.
Whether the kids in your family are four or 44, holiday gatherings are opportune times to begin a giving dialogue. Try some of these tips from Kashian and the Minneapolis Foundation—just make sure you do so before the pie coma sets in.
Ask kids what injustices they see in the world and how they envision solving them—then help them take a step toward that end. Kashian recommends starting this conversation as early as age seven.
Evaluate your family’s perception of wealth. Kashian cites the “demands of affluence” as a common obstacle—expenses like bigger homes and private-school tuition mean families who realistically have money to spare don’t always perceive themselves as wealthy enough to give to others.
Value what each generation brings to the table. Kashian notes that younger members of the family can add a fresh take on giving ideas. Schein adds, “Grandchildren aren’t necessarily going to give to wherever their grandparents gave to.”
Think in terms of what values make giving important to your family—not simply which organizations to support. The Minneapolis Foundation offers tips and interactive tools to spark giving-centric family conversations like, “If you inherited $1 million, how would you use it?”
Look into donor-advised funds the whole family can help manage and allocate. Contact a financial advisor like Kashian or the Minneapolis Foundation for more information.
Remember, giving doesn’t always mean money. “It’s also about time, skills and expertise,” says Schein. Kashian adds that in her house, the holiday and birthday “toy proliferation” is countered by donating some new toys to charity—“Something comes in, something has to go out.”
Photo by _J_D_R_ via Creative Commons.
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