What are the rewards of taking on philanthropy as a family? The experience of families at the Community Foundation of Greater Birmingham echoes those mentioned in comments shared by Ellen Remmer of The Philanthropic Initiative in “A Family’s Guide to Wealth:”
- Deeper connections to each other an to the rest of the world
- Definition of shared values
- Working together to put values into action
- Sense of legacy and the importance of sharing with the next generation
- Tighter family bonds
- New skills
None of this is guaranteed, however. For many reasons, it may a challenge for your family to identify shared goals and a focused vision for giving or to agree on a structure through which they will handle their family philanthropy (such as an Advised Fund at a Community Foundation).
Research shows that the effort is worth it, especially for families concerned about the risk of passing on great wealth without the value system to support its use. To find out more about your options at the Community Foundation of Greater Birmingham, contact Kathryn Corey, Vice President Donor Relations.