The air is getting crisp, and the calendar has flipped to November—a time when our thoughts naturally turn to gratitude and giving. While it’s wonderful to write a check, the greatest gift you might pass on this holiday season isn't monetary; it's the value of generosity itself.
Involving your family, especially younger generations, in your giving decisions is a powerful way to create connection, build shared purpose, and teach them directly about making a lasting difference.
Why Involve the Whole Family?
Generosity is a lesson best taught by example and participation. When giving moves from an individual action to a shared family process, it yields incredible benefits, such as:
- Encourages Meaningful Conversations: Discussing who to support naturally leads to conversations about core family values and what causes truly matter. Why do you support environmental protection? Why is education a priority? This fosters a deeper understanding of your family’s mission.
- Builds Empathy and Responsibility: By actively choosing an organization, children and grandchildren learn that their actions—and their resources—have a real impact on others. This builds empathy, financial awareness, and a strong sense of responsibility.
- Establishes a Lasting Legacy: A shared approach to giving helps establish a legacy that lasts far beyond one holiday season or one generation. When the next generation is included in the "why" and the "how," they are more likely to continue the tradition.
Ways to Get Started
You don't need a massive budget to begin this tradition. The goal is to make it a collaborative and engaging effort.
- Hold a "Giving Meeting": Gather everyone together—maybe over a special dinner—and let family members suggest causes they care about. This is an open forum to discuss local charities, global issues, or even a neighbor in need.
- Create a Giving Pool: Set aside a specific amount of money, small or large, that the family allocates together. This introduces a tangible budget constraint and encourages thoughtful prioritization and compromise.
- Give Time, Not Just Money: Giving doesn't always require a financial outlay. Volunteer together at a food bank, organize a coat drive, or make care packages as a group. A group volunteer project powerfully demonstrates that time and effort are just as valuable as cash.
- Let Children "Champion" a Cause: Empower the youngest members to research a charity they believe in. Have them present their findings to the family, explaining the mission and why the organization deserves support. This builds confidence, research skills, and ownership.
Using Financial Tools to Support Family Giving
As your family’s generosity matures, there are powerful financial tools that can make your giving more strategic, impactful, and enduring.
- Donor-Advised Funds (DAFs): As we discussed in this month’s Ciccarelli Minute, a DAF is a simple, effective tool that allows you to contribute funds for an immediate tax deduction and then grant the money to charities over time. It can be named after the family and acts like a dedicated charitable savings account that the whole family can participate in allocating.
- Structured Giving Strategies: For those with more complex goals, tools like family foundations, charitable trusts, or simply effective gifting strategies can be used to achieve specific tax benefits while setting up a permanent vehicle for family giving.
Legacy Through Generosity
Teaching generosity is ultimately about modeling the kind of legacy you want to leave. By opening the conversation and involving your family in the decision-making process, you do more than just support a charity—you instill compassion, financial prudence, and a sense of shared purpose that can bind your family together for generations. The earlier these conversations start, the stronger and more enduring your family’s impact can be.
Don’t hesitate to let your advisory team help you structure your giving. We can ensure your charitable giving reflects your family’s deepest values and long-term financial goals.