Nancy Gardiner, Partner, Director of Family Office and Philanthropy Services and Gioia Perugini, Associate Director, Family Office and Philanthropy Services – Hemenway & Barnes LLP
Wednesday, July 11, 2018
Many families talk about their desire to engage the next generation in family philanthropy and struggle with determining the right time to involve the next generation and how best to prepare them for their role with the family’s charitable giving.
On the journey to obtain independence and achieve financial success, the priorities usually include having a good educational experience, a sound resume and a career with a nice salary. That journey will likely contain u-turns, bumps and dead ends.
The odds of sustaining wealth across generations are low, and studies show that less than three percent of failures stem from poor estate planning and poor investment returns.
Research tells us communication is the most essential ingredient for sustaining wealth across generations. But, cross-generational communication can be particularly challenging, especially within families of wealth.
Family connectedness, not money, has the greatest influence on multi-generational family continuity. But when many think about legacy, it’s often in the context of multi-generational financial wealth.
Succession planning for a family business inevitably requires planning for the transition of the management team. This transition presents several challenges, including dealing with non-family managers and with a family member who is not suited for a leadership role in the business.
The question Virginia “Ginny” Esposito, Founder of the National Center for Family Philanthropy, gets asked the most, is “How can I engage my family in philanthropy?” In this episode, Ginny highlights what family business is and common trends in the work she has been in for over 30 years.
Much has been written comparing the administrative, financial, and programmatic criteria of private foundations and donor advised funds. It is often presented as an “either/or” choice.
