Key takeaways:
What this may mean for you:
The philanthropic journey is distinctly personal. People approach philanthropy in many different ways. Some may think of it as something they will do when they reach a milestone, such as retiring from a career or achieving a certain level of economic success. Some may give to charities when asked or seek out organizations that align with a personal passion. Some believe charity begins at home, focusing their resources and energy on their families, friends, and communities. Whatever your approach, giving time, treasure, and talent makes you a philanthropist. This Wealth Planning Update explores ways to engage your family while sharing your values.
Philanthropic values
There is a lot of talk about values these days—how to identify them, how to incorporate them into your life, and how to pass on your values to your family. Values can also be defined as principles—the overarching themes you want to embrace and exemplify in your life, the principles you stand for. But what is the genesis of values? Where do they come from, and do they change over time? In the book on the generation gap in the workplace, When Generations Collide, Lynne C. Lancaster and David Stillman explain, “The events and conditions each of us experiences during our formative years determine who we are and how we see the world.”1 For example, people who grew up during the Great Depression are more apt to save. These so-called Traditionalists typically trust institutions and want to focus on the good work of charities and solve problems in a practical way. People who grew up during the 1960s are more likely to be optimistic and idealistic. In contrast to the Traditionalists, Baby Boomers tend not to trust institutions and want to be more active in their philanthropy—through direct volunteering, focusing on passions, or measuring the impact of their financial gifts. The children and grandchildren of the Traditionalists and Baby Boomers—Generation Xers, Millennials, and Generation Zers—hold different attitudes about the world based on milestone events that occurred while growing up. Put simply, when you were born influences your philanthropic values.
Imagine sitting around the dinner table with your family and asking this question: Which charitable organizations should we as a family support this year? What do you think would be the response? By asking the question, you are opening the door to the possibility of a deeper connection with your family, as philanthropy unites families across generations through sharing values, stories, and life lessons.
Ideas to spark conversations between generations about philanthropic values
Relating to loved ones through values fosters connection. Here are some ideas to assist you in making those connections:
Summary
In a time of diminishing connections, philanthropy can be a way to unite families across generations. The first step is discovering your values and encouraging your family members to discover their own. By doing so, you open the door to the possibility of creating both a more meaningful connection within your family and an impactful legacy for your family and the world through the sharing of values, stories, and life lessons.
Authors: Amanda Weitman, Wealth Advisor, Wells Fargo Private Bank; Danielle R. Louton, Senior Wealth Planning Strategist, Wells Fargo Private Bank; Beth Renner, National Director of Philanthropic Services, Wells Fargo Private Bank
1When Generations Collide, Lynne C. Lancaster and David Stillman, 2003
2The Cycle of the Gift, James E. Hughes Jr. Susan E. Massenzio and Keith Whitaker, 2013, pp. 61-62
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