Generosity as a Legacy Strategy

The most enduring legacies are not built on accumulation — they are built on generosity. Families that give together, that make charitable decisions together, that talk openly about why they give and what they hope to accomplish, develop something that no trust document can create: a shared sense of purpose.

Generosity as Formation

When you involve your children in a giving decision — even a small one — you are doing something far more important than writing a check. You are teaching them that wealth is not an end in itself. You are showing them that resources carry responsibility. You are forming their character in ways that will shape how they steward everything they eventually inherit.

"We make a living by what we get. We make a life by what we give." — Winston Churchill

Vehicles for Family Generosity

Donor-Advised Funds

A donor-advised fund (DAF) is the most accessible vehicle for structured family giving. You contribute assets — cash, appreciated stock, real estate — take an immediate tax deduction, and then recommend grants to charities over time. Many families use a DAF as a "family giving account," involving children and grandchildren in grant decisions. The minimum to open one is often just $5,000.

Private Family Foundations

For families with significant philanthropic intent, a private foundation offers maximum control and visibility. The foundation bears the family name, has its own governance structure, and can employ family members. It requires more administration than a DAF and is subject to strict IRS rules, but for families committed to multi-generational philanthropy, it can be a powerful legacy vehicle.

Charitable Remainder Trusts

A charitable remainder trust (CRT) allows you to transfer appreciated assets, receive an income stream during your lifetime, take a partial charitable deduction, and ultimately benefit a charity of your choice. It is particularly effective for highly appreciated assets — real estate, concentrated stock positions — where an outright sale would trigger significant capital gains.

The Giving Conversation

Before choosing a vehicle, have the conversation. What causes matter to your family? What do you believe about the relationship between wealth and responsibility? What organizations have shaped your life, your faith, your community? These conversations — held around a dinner table, not in an attorney's office — are where legacy is actually built.

• Ask each family member to name one cause they care deeply about and why

• Visit an organization you support together — let the next generation see the impact

• Set a family giving goal for the year and track it together

• Write a family giving statement — a brief articulation of why you give and what you hope to accomplish