WHY FAMILY PHILANTHROPY?
Giving as a family is a great way to strengthen family ties and
share values and long-term giving goals among your family
members. Involving your children at an early age helps them to
develop sense of responsibility.
Family philanthropy also gives members a chance to give beyond
what may be possible as an individual. Rather than each family
member giving to charity separately, why not open
a trust? That way you can give together, make a
bigger impact and get more from the shared experience.
HOW CAN YOU LEAVE A LASTING LEGACY?
Setting your vision and long-term objectives for giving with
present and future generations in mind can be challenging. Not
every family has written guidelines about what's
acceptable, so over time your family might develop some
unwritten rules, such as not giving to well-supported charities,
focusing instead on the areas of the greatest need.
If you find it diffcult to come to an agreement, an independent
philanthropy advisor could provide a neutral point of view.
You might also want to consider appointing an independent trustee
on a family foundation.
ARE THERE ANY CHALLENGES? HOW DO YOU OVERCOME THEM?
It can be worthwhile for older generations to step back and let
younger family members take some responsibility - if
you want them to be fully engaged. Having proper governance
structures in place - for example 'generational committees' -
ensures all family members have a say.
It's a good idea to regularly revisit the values within
your foundation, to ensure they apply as much today as they did
yesterday - and have the flexibility of evolving in the
future.
The fun pot!
Many family trusts and foundations allocate a defined amount of
funding for more ad-hoc giving that comes straight from the heart,
supporting causes and charities that may not necessarily meet the
strategic objectives of the family foundation. Many family members
find this is a useful way to remain engaged and makes giving more
enjoyable.
CHOOSING WHICH CHARITIES TO SUPPORT
It can be difficult to understand what's important when it comes
to choosing a charity, and to have the confidence that you’ve made
the most effective choice and are making a difference.
Most families will carry out a lot of research and due diligence
and ensure they follow up regularly with charities which receive
larger gifts. Appointing a philanthropy advisor can be helpful
at this stage.
Often each charity supported will have a family sponsor, which
will be recommended through their own personal experience.
INVOLVE YOUR FAMILY IN GIVING
It’s really easy to start giving as a family. We can provide
advice and organise everything for you. You can easily open your
own family CAF
Charitable Trust or start a family CAF Charity Account,
so everyone gets involved.
Call us on 03000 123 028 or find out more
about CAF
Charitable Trusts.