Many of you were born with next to nothing and worked your way up to where you are. And now, for many of you, your kids were born with everything. So, where does that leave them?
It leaves them trying to prove their worth.
Your children’s stories are different from yours—it’s just a fact. And, just as it does for you, philanthropy needs to feel personal to them. And here’s what you need to know: The face of philanthropy is changing, and the younger generations aren’t interested in getting their names on the side of a building or above the cage of the new gorilla exhibit.
What does that have to do with you? Well, here’s the thing. If you don’t convey your charitable wishes clearly to your heirs, chances are, your money is not going to go where you’d like it to go.
Don’t assume for a minute that your children know where your philanthropic priorities lie. If you make this assumption, you could become an “involuntary philanthropist.” The choice is yours to give it while you’re living, or it will be given when you’re gone.
Will you be a voluntary or involuntary philanthropist? If you don’t decide to give while you’re alive, the government becomes your primary beneficiary after your death through mandatory estate taxes. One way or another, you (and your heirs, by extension) will be charitable.
But it won’t be in the way that anyone intended.
You CAN give with purpose and allow your children to do the same. Learn how to give to others in a way that benefits the most people by working with a specialist who can help align your goals with your passion for giving back.
Wealth is more than money. Don’t just plan for your future, live it right now.
Pass it on and share the insights like this that you find valuable.
“No one need wait a single moment to improve the world.”