Building a Legacy of Generosity: Involving Your Kids in Philanthropy

 

Philanthropy isn’t just about giving—it’s about teaching the next generation the value of generosity, financial responsibility, and impact-driven giving. Whether you make annual charitable contributions or incorporate philanthropy into your estate plan, involving your kids in these decisions can shape their financial mindset and instill lifelong values.

 

A thoughtful approach to family philanthropy can strengthen financial literacy, ensure long-term charitable impact, and create a legacy that lasts for generations. But how do you introduce kids to giving in a meaningful way? And how can a financial advisor help integrate charitable planning into family wealth discussions?

 

In this edition of Wiser Way to Give, we explore practical ways to involve your children in charitable giving and how strategic philanthropy can benefit both your family and the causes you care about.

 

Teaching children about philanthropy isn’t just about generosity—it helps build financial awareness, fosters responsibility, and encourages thoughtful decision-making. Research shows that kids who are actively engaged in giving decisions:

 

✔ Develop stronger financial literacy by understanding money, investments, and tax implications.
✔ Learn the importance of giving back and the impact their contributions can make.
✔ Feel more connected to family values and legacy planning.

It’s never too early to involve kids in giving! Whether they’re toddlers learning about kindness or teenagers preparing for financial independence, each stage presents opportunities to engage them in philanthropy.

 

 

💡 Best for younger kids (ages 5-12) to help them understand generosity in action.
✔ Allow kids to choose a cause they care about (e.g., animal shelters, food banks).
✔ Set up a “Giving Jar” where they save money to donate.
✔ Volunteer together so they see firsthand the impact of their contributions.

📌 Example: A family donates $50 monthly to an animal rescue and takes their kids to volunteer at adoption events.

 

💡 Ideal for pre-teens and teens (ages 12-18) to involve them in structured philanthropy.
✔ Allocate a portion of the family budget for charitable giving.
✔ Let kids help research organizations and decide where donations go.
✔ Teach them about tax deductions and how charitable giving fits into financial planning.

📌 Example: Each family member picks a nonprofit, and together, they decide how to allocate donations for the year.

 

💡 Perfect for older teens and young adults to connect wealth management with philanthropy.
✔ Open a Donor-Advised Fund (DAF) where they can contribute and allocate funds over time.
✔ Discuss impact investing—supporting businesses and funds that align with their values.
✔ Show them how charitable giving can be integrated into estate planning.

📌 Example: A family donates $10,000 into a DAF, allowing their teen to choose and distribute grants annually.

 

 

The Harrisons have always been passionate about giving, but they wanted to make philanthropy a family tradition. With the help of their financial advisor, they structured a giving plan that involved their kids and future generations.

 

🔹 Ages 8-12: The kids volunteered at local shelters and picked charities to support.
🔹 Ages 13-18: They researched organizations and helped allocate funds from the family’s annual donations.
🔹 Ages 19-25: The kids learned about estate planning, set up a DAF, and contributed to impact investments that aligned with their values.

✅ Results: The Harrisons successfully passed down financial responsibility and charitable values, ensuring their family’s giving legacy continued for years.

 

✔ Start early – Small lessons in giving create lifelong habits.
✔ Make it personal – Let kids choose causes they care about.
✔ Teach financial responsibility – Show them how to give ties into budgeting, investing, and taxes.
✔ Involve professionals – A financial advisor can help structure a long-term giving plan that benefits your family and your favorite charities.

 

 

We’d love to hear your thoughts! Reach out to explore creative ways to align your family’s values with impactful giving. 🌟

This information is provided for educational purposes only and should not be construed as tax or legal advice. Please consult your financial, tax, or legal professionals before implementing any charitable giving strategies. The information presented is based on sources deemed reliable; however, accuracy and completeness are not guaranteed.

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