In a changing world where financial planning extends beyond personal wealth accumulation, more and more families are embracing philanthropic giving as a core value. For adults, engaging in family philanthropy strengthens family bonds, fosters open communication about values, and provides a sense of purpose beyond individual pursuits. Additionally, it allows families to share resources and amplify their collective impact. But beyond the financial benefits, involving family members in the act of giving can foster deeper connections, personal growth, and a lasting legacy.

Creating Family Giving Goals and a Mission Statement

Establishing clear goals and creating a mission statement is crucial to ensuring effective family philanthropy. This provides a roadmap for your giving journey and ensures everyone is aligned with the impact you want to create.

When developing giving goals, consider outlining specific objectives, such as supporting causes aligned with specific family values (e.g., environmental sustainability, education) or focusing on a particular geographic area. Additionally, you should define desired outcomes, which could involve achieving tangible results, such as providing scholarships to underprivileged students or fostering a sense of social responsibility among younger generations.

Creating a family mission statement acts as a guiding principle. This concise statement captures the essence of your family’s values and aspirations regarding philanthropy. It should be clear, concise, and reflect the shared vision for the impact you want to make together.

The family can decide where to give, determine the level of involvement of each family member in the process, and establish ground rules for making these decisions as a group.

From fostering compassion and responsibility in young children to empowering teenagers and building a shared legacy with adult children, the journey of giving together creates lasting connections and strengthens family bonds. By developing clear goals and measuring impact, families can embark on a meaningful philanthropic journey.

Jennifer Damiano is KeyBank Cincinnati Market President and Market Leader for Key Private Bank. She can be reached at .

Key Private Bank is the marketing name through which KeyBank National Association (KeyBank) provides a range of financial products and solutions.

Any opinions, projections, or recommendations contained herein are subject to change without notice and are not intended as individual investment advice.

This material is presented for informational purposes only and should not be construed as individual tax or financial advice.

Information on source material can be found at https://www.key.com/kpb/our-insights/articles/leaving-legacy-of-giving.html

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