Issues of control are often significant to the wealth-creating generation of a family (usually, although not always, older members). Often, in working with families, we hear wealth-creators express doubts about the capacity of rising generations to handle money responsibly and to lead effectively. That lack of confidence can also exist among spouses and siblings.In the “safe zone” of charitable giving, the playing field can be leveled, and all adult family members can participate with equal voices.According to Sharna Goldseker, executive director of 21/64, a nonprofit supporting multigenerational philanthropy: “The more a family is able to see that ‘involving the kids’ not only means adding children to an existing system, but rather shifting the family paradigm to become truly multigenerational—embracing what each generation brings to the table—the better prepared they will be for the next phase of the foundation’s evolution, and for meeting the needs of the 21st century.”1
Source: Creating a “Safe Zone” With Family Philanthropy
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David R. Duringer, JD, LL.M, is a concealed firearm instructor and tax lawyer specializing in business and estate planning; licensed to practice law in the states of California and Washington. He is managing shareholder at Protective Law Corporation, serving Southern California from its Laguna Hills (Orange County) headquarters and satellite offices in San Diego County (Coronado and Carlsbad).
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