personal relationships , deepen its social consciousness , learn new skills and increase their personal fulfillment .

According to 21 / 64 , a consultancy specializing in next-gen philanthropy , the rising generation cites parents and grandparents as having the strongest influence on how they think about giving . Importantly , 21 / 64 also points to a “ talk the talk and walk the walk ” combination of direct teachings from parents and grandparents and observed behavior that helps shape and reinforce the views of younger family members . In our work , we ’ ve found that family foundations cultivate more involvement and strengthen family ties when they create roles for the next generation , tapping into the talents and passions of the younger family members . Doing so can also bolster the trust and communication between generations , something necessary to ensure a successful legacy of charitable ideals .

Giving Is Versatile

Depending on your clients ’ interests , priorities and resources , the ways in which they engage in philanthropy might vary considerably . As you help them chart a course for their giving , be sure they ’ re aware of their many options . For instance :

• They can make direct donations to the charities and causes they care about .

• They can set up a donor-advised fund or a private foundation to capture valuable tax benefits and formalize the family ’ s commitment to giving back .

• They can address philanthropy as part of estate planning to ensure that key values and priorities are passed from generation to generation .

Regardless of how your clients choose to give , they will appreciate your guidance and assistance as they try to make their generosity as impactful as possible — not only for their intended recipients but also for themselves in a way that enhances their overall wellness and happiness .

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HANNAH SHAW GROVE is the chief marketing officer of Foundation Source , the nation ’ s largest provider of technology , administration and expertise for private foundations and planned giving .

OCTOBER 2024 | FINANCIAL ADVISOR MAGAZINE | 25