Posted on November 18, 2018
Legacy Family Office President and CEO Tamara Surratt recently offered philanthropy advice in an article she wrote for Private Asset Management (PAM) magazine’s September print issue.Throughout the article, Surratt provides valuable insights intohow wealthy families can make their philanthropy count.
Families frequently strugglewith philanthropy, despite great efforts to make an impact. Most times, this lack of success is due to focus. Even if a family possesses an altruistic culture and is deeply involved in their community, their efforts are often scattered among various causes and charities. This then leads to little impact in any particular area, which Surratt refers to as “sprinkling.”
Luckily, there is a solution. “Families who intentionally establish a mission and vision for their wealth and their philanthropy can avoid this. By becoming a unified force, the family and its capital can make a stronger impact in the philanthropic mission of the family,” states Surratt.
Establishing a cohesive philanthropic mission and vision that is embraced by all members of the family involves the difficult task of bridging the generation gap. “A significant challenge for many families is that the younger generations do not always see eye-to-eye with the generation that created the wealth,” Surratt explains. “This can lead the rising generation of family members to feel isolated from the wealth.”
So how can a family overcome generational differences to create a philanthropic mission and vision? According to Surratt, this consists of a series of steps, including holding a family meeting, establishing some type of family giving vehicle, and having the younger generations participate in the philanthropic process. As for when to begin these efforts, Surratt says, “The earlier, the better!”
To learn more about how you can make your family’s philanthropy count, read the entire article in PAM magazine’s September 2018 print issue.
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