There is something incredibly special about giving together as a family. The experience fosters a commitment to the community that can transcend generations and build a family legacy. Yet while family giving helps establish a tradition of philanthropy for years to come, it can often seem daunting as families first set out to bring their loved ones together to define their philanthropic vision.

Although many envision an idyllic scene with their family bonding over charitable giving, it is important to remember that philanthropy can be a sensitive subject. Even though no one privately benefits from the dollars under discussion, each family member has a deep connection to what the experience means to them personally and their role in the process of giving money away.

In order to help ensure a meaningful experience for everyone involved, it is critical to build structure around your family’s giving. There are several key considerations to guide your family through the pros and perils of giving across generations:

Manage Expectations

At the outset, it is beneficial to provide as much clarity as possible around roles and expectations for what the family is coming together to accomplish. Key considerations can include who will be involved and what their participation should look like. As the ages and life stages of family members change over time, it is helpful to allow their involvement in family giving to evolve, as well.

Acknowledge Familial Roles

We all have roles within our family. Giving money away doesn’t change the fact that we relate to one another in certain ways. In order to manage your family’s dynamics, it is best to have a strong process in place to guide interactions.

Recognize Generational Differences

Each generation has had formative experiences that have shaped their worldview. Generations vary widely in their relationship with institutions, where they acquire information, and their preferences for interactions with a cause. This has a profound impact on the values and priorities each generation brings to their charitable giving.

Find Common Ground

Identify shared values as the basis for your family’s giving discussion. It is often helpful to define a mission and vision for the family’s philanthropic activities so that funding decisions can be evaluated based on alignment with common values and shared aspirations for your giving.

Allow Space for Individuality

If possible, it is advisable to allow some discretionary giving specifically around issues or organizations that are close to each person’s heart. By enabling family members to allocate resources toward causes they are personally passionate about, you can elevate the discourse for communal decisions.

Enjoy the Journey

Regardless of the size and scope of your family’s philanthropy, the very act of giving can be a transformational experience—there is no telling what impact you can have on the community and one another. Giving together provides the opportunity to learn from each other and grow as a family, all while making a lasting mark on the world.

For more information on family giving, contact us at (402) 342-3458 or email us at giving@omahafoundation.org