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Establishing a Legacy of Family Giving

Establishing a Legacy of Family Giving

| August 21, 2020
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Families around the world participate in giving and philanthropic organizations. Giving as a family, to the organizations that mean the most to you, can ultimately give your family a legacy to be proud to share and pass on to future generations.

Hobby Lobby’s CEO, David Green, and his family, make it a family affair when they discuss how they decide to give in the following year. Each year they have a family meeting where they discuss the organizations they give to, the impact, and other organizations they could potentially give to. When they give, they give as a family, they show the younger generations that giving is important and allow them to see what they will inherit and grow.

How can you get your family involved?

  • Have members of the family explain their giving goals:
    • Having members of the family explain where they are financially and how much they can contribute allows for realistic expectations for choosing where to allocate funds.
  • Decide where to give:
    • Allow each family member the opportunity of presenting a new charity that the family can consider supporting and/or reevaluate the current charities that the family is supporting.
  • Select a giving vehicle:
    • This decision will be based upon multiple factors such as your objective, how much, your financial situation, and your tax situation.
  • Assess your Impact:
    • Look at how much is being given, the growth, the work the charity is doing with the resources you are giving.

How can you get the young people in your family involved?

The list above does not exclude the young children, teenagers, or young adults in your family. Each can play a role in giving and being apart of the legacy being created:

  • Giving Allowance:
    • Allow the children to have a small allowance where they can donate a portion to any charity they wish.
  • Volunteer
    • Be mindful in choosing a charity that allows for volunteer opportunities that are suitable for the entire family to be involved in.
    • Allowing the young children, teenagers, and adults see the impact your family’s contributions are doing will allow them to see the impact it has and the importance of continuing the legacy.
  • Develop skills, knowledge, and awareness
    • Allows them to see the financial aspect of the contributions
    • Develop skills of balancing a budget

 Contact Journey Beyond Self to see if we can help you develop and implement a plan that maximizes your giving effectively.

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