Are you planning on involving your spouse, children, grandchildren, or other family members in your philanthropy? Or has your family given generously for years, and you are seeking a way to honor this legacy while making your mark? Family philanthropy can be joyful and fulfilling, but it also introduces complexity. You can’t expect to please everyone all the time, especially while making the decisions required to get real results with your philanthropy. But done thoughtfully, philanthropy can be a wonderful way to bring your loved ones together and make real progress against a common cause.
If you are beginning to think through your goals for family philanthropy, a few initial questions to consider include:
What values and beliefs will guide our philanthropy?
Defining what the touchstones will be for your family's giving is a critical first step - whether that means interpreting the wishes of another generation for today's reality or kicking your family's philanthropy off with clarity.
Who is or will be involved in our family philanthropy?
Will you choose a small circle of intimate family, or open it up more broadly? How will you involve staff members (family or non-family)? How do you think about rotating or making changes to responsibilities over time?
How will we work together?
The combination of donor, spouse, and adult children (including, perhaps, their spouses) creates a group often better suited for holiday gatherings than serious decision making. How will you resolve differences?
Case Studies
Wondering how to make your family's legacy your own? Or are you a benefactor figuring out how to engage your children or grandchildren in your philanthropy? Philanthropic families have found many ways to make it work through generations.
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Excerpted from Give Smart
This anonymous profile shares how failing to confront the central question of how your values and beliefs should be reflected your philanthropy can create serious problems.
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The Bridgespan Group
With an innovative sabbatical program for nonprofit leaders, Carrie Avery is translating her grandfather's values into the third generation of family involvement with Durfee.
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The Bridgespan Group
What would you do with one billion dollars? When Jennifer and Peter Buffett inherited a generous gift from his father, they embarked on a joint journey of discovery to find out.
Deeper Dives
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The Philanthropic Initiative
Common questions encountered by families that give together.
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National Center for Family Philanthropy
Suggests goals and resources for managing family dynamics in philanthropy.
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Charles W. Collier
Addresses many questions of concern to families of wealth, including ways to teach values to your family through philanthropy.
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Excerpted from Give Smart
Even with the "right" trustees, you will need a decision-making process that yields objective, thoughtful decisions. And you will need to be vigilant about maintaining its integrity in the face of some very natural inclinations to allow family or personal interests to upstage strategic imperatives.
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The Philanthropic Initiative
Documents the vision and purpose of giving. Intended for those contemplating their own legacy and those interpreting the legacy of others.
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Excerpted from Give Smart
"Your first hire represents a new stage in your philanthropy, and sets it in a new direction. It is, simply, the most important staffing decision you will make. What can help you get it right?"
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National Center for Family Philanthropy
Family philanthropy has a long history of creating positive impact for society, from The National Gallery of Art to the Special Olympics. This in-depth report details the history and special dynamics of family philanthropy.
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National Center for Family Philanthropy
Results of a survey of 200 family foundations focused on identifying common practices in family philanthropy - from running foundations to defining missions and setting strategies.