By Karen Kardos
Head of Philanthropic Advisory – North America
June 27, 2019Posted InWealth Advisory
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Our latest white paper explores ways to sustain the family legacy through philanthropy
Sustaining and growing the family legacy across multiple generations is a key challenge for wealthy families all over the world.
Most, if not all families know that their legacies depends on their ability to prepare younger family members to succeed them and continue the family mission. However, many do not know how to do this and become deeply concerned their legacy will dissipate as a result.
A family’s legacy is so much more than just its wealth. It is also its reputation, influence, and actions in business, community, culture, and philanthropy. A family’s legacy is a reflection of its united identity, and therefore can often evoke stronger emotions in all family members, compared to simply sustaining family wealth. The legacy should convey what the family stands for and what kind of global impact they want to have.
One way families can ensure their legacies continue is by creating a strategy to engage younger family members well before they are likely to take the reins. Families must carefully choose which areas to engage the ‘next generation’ or ‘G2’ in at the start.
For many families, philanthropy provides an excellent opportunity to prepare the next generation to succeed. This is because philanthropy is typically the ‘glue’ that binds a family together in shared values and interests.
It is crucial that early conversations engaging the next generation in family philanthropy are successful, but in many cases they can be awkward, stressful, and even cause major disagreements. This can leave families struggling over the right next steps.
Our latest white paper explores how all generations of a family can come together in respectful and productive discourse, key issues to discuss, the consensus and outcomes to be achieved, and practical ways to involve the next generation including programs and board roles.
To read this white paper click here.