We often think of Thanksgiving and Giving Tuesday as ushering in the year-end charitable giving season. Year end, of course, is not only a time for gratitude, as families gather for the holidays, but also a time to start organizing financially for the close of the calendar year. But year-end giving does not need to be short-term giving. So even as you strive to be tax-efficient and timely in your year-end giving, those gifts can be part of a longer-term charitable giving strategy.
For many individuals, philanthropy is one of the more gratifying parts of estate planning. Adding in a multigenerational component can make it even more meaningful and compelling. Just as every family is unique, so is their philanthropic approach, and there is no single way to involve a family in philanthropy.What is multigenerational philanthropy?In some respects, multigenerational philanthropy is defined by what it is not.
What would you like to transfer to your loved ones, in addition to your assets? A memory of the day you fell in love with your life’s partner? Lessons learned from a lifetime of hard work? More and more people are finding that it’s important to share not just the material wealth they’ve accumulated, but also their spiritual wealth and wisdom. They are rediscovering an ancient tool known as an ethical will for transmitting their values to the next generation.