If you’re reading this, you’ve probably begun thinking about establishing (or continuing) a philanthropic legacy that will extend into the next generation and beyond. In the following pages, we share what we have learned from our clients about raising a philanthropic family and provide practical strategies for getting children of all ages involved in charitable giving.
First, we discuss the reasons family foundations are established and how these may lay the groundwork for a foundation’s mission. Beyond the tax advantages, families create foundations for one or both of two reasons: to create positive change in the world or to achieve some outcome within the family.
Besides adopting an external mission (what the foundation does, why, how, and for whom) many foundations also draft an internal mission specifying how the foundation will function to build family, encourage education, and confer family values to younger members. Internal missions might focus on increasing family participation and cohesiveness, perpetuating family traditions, building core abilities, preserving family history and/or training future generations.