What is most important to pass on to our kids and grandkids, to future generations? In my experience, our values are more important than our wealth. I am impressed that so many families involved with the Community Foundation of Western Nevada have integrated philanthropic parenting into their lives. Numerous studies cite the engagement of our family in philanthropy as the most effective way to raise caring, well-balanced kids and grandkids. I recently read Wealth in Families by Charles Collier, which provides great examples of how and why philanthropic parenting is so important.
Collier writes that the key to philanthropic parenting is involving younger generations with volunteerism and literally “giving back”, with both time and money. As they mature, board service and leadership, combined with giving, can be transformative in helping future generations become not just responsible citizens, but advocates and problem solvers for the larger issues we face. Engaging our family in philanthropy brings out the best in them and nourishes important values.
Nothing can replace the tangible experience of trying, failing and trying again to bring about positive change in our community. Such efforts, personally experienced, help build lives full of self-worth and meaning. At the Community Foundation of Western Nevada, we are honored to help work with families over many years experiment with and implement charitable plans. These plans may become part of a family’s personal financial and estate planning. Charitable gift plans can include a charitable trust to provide income that will become a family foundation fund or a “charitable inheritance.” Charitable trusts can use assets that would be highly taxed as an inheritance to establish donor-advised funds for future generations.
We have a history with generations of families and can share philanthropic advice that makes each person’s philanthropy personal and meaningful. We can provide the third-person expert guidance that helps ensure that the values intended to be perpetuated and experienced come to fruition. One of the things I have found is that the 5%, 20% or more given through an estate to a charitable fund for future generations of a family becomes the most effective inheritance… adding more value to the family than the other 95% or 80% of financial assets that are passed along.
If you would like to help your future generations of family experience meaningful giving and community engagement, please give us a call. We are here to help, and we will be here for you and your heirs for generations to come.
Chris Askin, President, and CEO
Connecting people who care with causes that matter