As a philanthropist, you should consider the future. Spending down the capital you’ve designated for doing good within your lifetime is certainly an option. This is especially true if you want to disburse your assets quickly to address urgent social issues. However, many philanthropists elect to adopt a longer-term, multi-generational strategy.
When thinking about your philanthropy, consider the future. Most individuals will establish a family foundation that empowers their philanthropic legacy to extend well beyond their lifetimes. Up to four generations could conceivably be involved in one family foundation at a time. Engaging with your family’s younger generations as early as possible helps to set priorities and establish expectations. If establishing such a legacy for future philanthropy is important to you, there are some proactive steps you can take now to ensure that your philanthropic vision is carried through even in your absence.
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Involve the younger generations. If you want younger generations to be involved in advancing your philanthropic legacy—or shaping a new one for themselves—it is important to orient them to philanthropy and nurture their charitable interests sooner rather than later. Within a family foundation, one way to accomplish this is to establish engagement tracks that will expose family members to increasing levels of involvement and responsibility. These participation levels could be based on established age intervals or some other criteria that must be met to advance from level to level.
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Identify your priorities and set clear expectations. Identifying and documenting your philanthropic priorities is an equally important consideration when establishing your family foundation and legacy expectations. You should decide, ideally in coordination with members of younger generations, whether you want to focus on fixed charitable interests or whether you are open to seeing the family foundation’s focus evolve as younger generations identify their own goals for future philanthopy.
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Keep an open mind. It is possible to sustain legacy without insisting on rigid adherence to established philosophies and operations. If you hope to involve younger generations in continuing philanthropic activities, it is wise to welcome—and even encourage—their input and ideas. Being open to incorporating their interests or values, and expecting that the foundation will undergo a certain amount of evolution over time, is perhaps the best way to establish an enduring philanthropic legacy.
Additional Resources:
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Wondering how to develop a succession plan or engage your descendants in your philanthropy? The organization 21/64 has developed a number of interactive tools and guides to facilitate that process.
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The “next generation” of philanthropy is not a homogenous cohort. Watch this video to learn how rising stars from this population are helping to shift philanthropic norms and chart new courses for social impact.