Christy Boysen is the chief executive officer and legacy planning consultant at Apex Legacy Consultants. Apex specializes in tax-efficient giving strategies for people and families of any age, stage, or net worth, taking a comprehensive approach to values-based estate planning. Below, Christy highlights how intergenerational philanthropy allows people to invite family members into their legacy of giving.
When it comes to legacy planning, parents commonly prioritize children and charities. They want to provide for their children and grandchildren and make a positive impact on their community and the ministries closest to their hearts.
Parents can set the philanthropic stage now. It starts when the whole family looks outside itself and commits to a charitable mindset. Then, when the time comes to share estate assets with the next generation, they — and families like yours — will have a clear path to carry on a legacy of generosity.
Here are some ways to infuse your family with generosity:
01 Live within your means. Cut back where you can so that you have funds readily available for philanthropy. Explain to your kids how you make financial decisions and why you say “no” to certain non-essentials.
02 Talk about your family’s story. What unique experiences have you shared as a family … good or bad? How might they inform how you give back?
03 Make generosity a family value and allow kids input. When you give or volunteer, do it as a family. Make it the default to be inclusive and generous, and let your children participate in discussions about what that looks like.
04 Earmark funds for giving. Get a second piggy bank for young children to start a giving fund. Or start a family donor advised fund through CCF in order to set aside charitable dollars and give together.
05 Be kind! Give gifts in kind. Participate in a toy, food, or coat drive. Set a budget and let your kids help shop, wrap, and drop off the gifts. Explain how your donations will positively impact a family right in your neighborhood.
06 Give donations as presents. Consider donating to a charity in a birthday boy or girl’s name. Highlight the joy of giving, and this could become their favorite part of future birthdays!
07 Celebrate giving together. Attend a gala, auction, 5K, or another charity-sponsored event. When kids can participate and see others getting excited about giving, they will too.
08 Think about how giving fits into your legacy plan. Consider how you can give strategically to your heirs and leave a legacy of generosity.
Choose a few tips from this list and make them a part of your family’s daily life. Let your charitable legacy start today.
The information presented above by the Catholic Community Foundation of Minnesota (CCF) is general and educational in nature. CCF and its staff do not provide individualized legal or tax advice. We recommend you consult with your attorney or tax professional regarding your unique personal situation.