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AFS Insights

Charitable Giving Series: Part 2

Philanthropy and Your Family

By Neil Menzies

To continue our three-part series on charitable giving, this week we’re going to explore ways you can include your family in your philanthropy. Sharing and passing on the family value of generosity can be done when it’s intentional, part of the plan, and involves everyone.

To begin, take the time to discuss what matters to you and which causes you care about both as individuals and as a family. If you have young kids, try setting up a ‘charitable allowance account’ for them using an online giving platform. By setting up small, automatic monthly contributions and encouraging your children to think about how they want to impact the world, you’ll be instilling the value of generosity in your family.

If you have adult children, consider setting up a Donor Advised Fund or DAF (discussed last week, see here) and naming your children as directors of the fund, allowing them to distribute the donations to causes they care about.

Finally, no matter what stage of life, volunteering as a family is an activity that can be both rewarding and bonding. And if you choose to volunteer with charities you give to, you’ll be able to see exactly what kind of impact your donations are making.

However you choose to include your family in philanthropy, we’re here to help make a plan. A member of your Arbutus Financial Team is a phone call or email away to get started.