Doing Good – A Worthy Family Goal!
During the holiday season, the thoughts of many often turn to not only our blessings, but also how we can share those blessings with others in need.
What a perfect time to consider that "doing good" is not only a worthy goal for yourself, but for your entire family as well.
Certainly being generous can have tax advantages. But that's not what I want to focus on here.
Rather, in my time as a planner, I have often marveled at the power of philanthropy to literally transform a family. A powerful thing happens when a family works together toward a common charitable goal and/or to meet a need!
Most families desire to actively foster a family culture that is harmonious and nurturing, and hope that it will remain that way far into the future. Sadly, the presence of money and other assets all too often lead to just the opposite, what I call the 3 D's: disunity, discord, and distrust.
It has been my unfortunate experience in my work to have watched families literally disintegrate in squabbles over even the pettiest amounts of Mama and Daddy's money.
This is a reality that occurs even in the closest of families, but is one that can be combated. An effective way to do this is by beginning now to foster a family culture of giving, of "doing good", not just as an occasional thing but as a family way of life.
The benefits to a family of together "doing good" through philanthropy are many. Some that I see in my dealings with families include:
- the "DNA" of family values are communicated and downloaded to future generations
- this "DNA" becomes the basis for relationships between and among generations and often helps hold families together regardless of circumstances
- younger generations are taught the value of money, how to make wise choices with it and about social responsibility
- meaningful conversations and interactions are incited about what is truly important in life
- family members discover that they truly can "make a difference" in this world by working together toward a common goal that is beyond themselves, and how rewarding that can be
- often, family conflicts (even long-term ones) are resolved or at least diminished because of the shared values and priorities that are in place.
So, how do you get started in developing a philanthropic family culture?
You might want to start by calling a family meeting and laying on the table your desire for the family to begin impacting the world around them for good. This provides an opportunity to discuss the charitable interests of family members, brainstorm ideas, and generate excitement and motivation.
A side benefit of this is that greater communication yields greater understanding and trust among family members.
One idea to get the ball rolling is to invest some "sweat equity" in a cause that is dear to you. The holidays are a great time, as a family, to serve others through numerous volunteer efforts that pop up this time of year, and many won't cost a dime.
Things such as toy and food drives abound, as well as other not so visible ones such as projects to help the elderly with yard cleanups, etc. Local churches, as well as the local efforts of organization such as the Arkansas Dream Center (www.ardreamcenter.tv) are an excellent resource for involvement.
It is important to also begin monetary investments in philanthropic causes. Nothing quite shows where your heart is like where your treasure is invested, to paraphrase The Gospel of Matthew!
Here's an idea, as part of (or instead of) the traditional gift giving among family members, why not consider "giving" to each family member a monetary charitable donation? You could even let each "recipient" choose the cause if you like!
Community foundations, such as the Arkansas Community Foundation and its local affiliates (including our own Cleburne County Community Foundation) provide creative ways for families to establish endowments for charitable purposes that also give opportunities for continued family involvement.
There are many other creative ways to be philanthropic, some which yield substantial tax and even financial benefits. Among these are the use of charitable annuities, charitable remainder trusts and IRA distributions directly to qualified charities.
Explanation of these techniques is beyond the space limitations of this article, but be aware of them and consult a professional advisor if interested in knowing more.
The main point is this; get your family involved, get them talking about creative and fun ways to help others, and get them going. The benefits, far beyond the possible monetary ones, to you and your family are, to borrow an old advertising slogan, PRICELESS!
