Posted on October 19, 2017
From time to time, we come across helpful articles by others that help to explain a best practice in family wealth. We think it is important to share these ideas and best practices among the families we serve.
An article published in the Denver Post outlines excellent tips for creating a culture of philanthropy within your home. Many multi-generational families find discussing money, philanthropy and values difficult. Establishing philanthropy as part of your family’s day-to-day culture may require some work, but it pays dividends in the end. Creating a “table” for all family members, from all generations, to sit and safely discuss common values and goals around money and philanthropy can be a first step to create a family mission and set of values, and most importantly, purpose for the family’s wealth.
A family’s capital set aside for philanthropy can be used to create opportunities for healing, growth and empowerment for those in need, but the first step is to achieve consensus among family members on which cause or charity you will support.
Once your family embraces the practice of meeting and communicating, you can create a mission statement. Some of the questions to ask would include:
These are just the first steps to create a culture of philanthropy in your family. More details can be found here, in this full article written by Bruce Debroskey.
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