As we know, giving back to the community — both with time and resources — is an excellent way for us to all come together and affect change.
At Gryphon Financial Partners, we start by asking our clients: How do you want your children and grandchildren to impact the community? What social capital do you want to pass onto future generations? What do you want your philanthropic legacy to be?
Here are some tips for successful family giving
- Create clear expectations and freedom to come and go – Provide a clear plan for how the family will work together and then invite children to be involved. Make it optional – not mandatory.
- Identify and articulate shared values – Work together to describe and agree on the main objectives of your giving as a family.
- Honor individuality and family needs – Allow your children the flexibility to go their own way if they want in choosing organizations to support.
- Provide opportunities for active learning and meaningful work – Encourage exploration and discussion about issues that matter to the family.
- Focus on the impact
The majority of our clients have annual meetings with their entire family, and oftentimes with all their Advisors where they formulate, discuss and execute their philanthropic initiatives. In these meetings we help them formalize a family philanthropic mission statement, encourage open communication, divide responsibilities and decide together how the family will donate their time and money.
If you are interested in discussing your philanthropy and other financial goals, we would welcome a discussion.
Disclosures:
This material is provided by Gryphon Financial Partners, LLC (“Gryphon”) for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Facts presented have been obtained from sources believed to be reliable. Gryphon, however, cannot guarantee the accuracy or completeness of such information. Gryphon does not provide tax, accounting or legal advice, and nothing contained in these materials should be taken as tax, accounting or legal advice. Individuals should seek such advice based on their own particular circumstances from a qualified tax, accounting or legal advisor.