Establishing a private foundation can unite your family in the shared pleasure of giving back. It affords a rare opportunity to not only discuss what matters most to you, but to actually work together and demonstrate your commitment with deeds as well as words.
A foundation is a bulwark against “affluenza” as well as a training ground for young people to learn life skills, such as group decisionmaking, advocating for their positions, and resolving disagreements. And for many families, the foundation becomes the glue that holds the family together, providing a “non-Thanksgiving” reason to meet on a regular basis.
But to realize these benefits, family foundations have to overcome a significant challenge: engaging the next generation. Whether they’re young children busy with school, activities, and friends, or young adults starting their first jobs, the foundation can seem like yet another item on an overcrowded schedule— especially if the foundation feels like a parentally imposed obligation.