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.