INSTILLING PHILANTHROPY IN THE NEXT GENERATION
Many families focus on succession planning as a way to ensure the health and legacy of their family business. However, incorporating philanthropy into the discussion can provide valuable lessons about a family's values and the way they manage wealth. How? Because philanthropy has been found to make people more thoughtful about money, and it’s been shown to make heirs more financially confident in other areas of their life.
Fortunately, younger generations are familiar with charitable giving. In 2014, 84% of Millennials made a charitable donation, and 70% spent time volunteering. The key to integrating that interest with your legacy is including them in your family's philanthropic pursuits as early as possible and establishing a plan that encourages giving over the long term.