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For many families, the holidays provide a natural opportunity to reflect on how philanthropy fits into their shared story. Conversations often turn toward legacy, impact, gratitude, and how giving can be more intentional and connected across generations. Whether your family has an established foundation or is still exploring how to give together, there are five best practices for meaningful family engagement in philanthropy that can help create a more inclusive, sustainable, and fulfilling approach.

The transition of wealth and leadership between generations poses unique challenges for a family, their family office, and their business and investment interests. These risks go beyond financial concerns, often focusing on obstacles that threaten successful generational transitions and the preservation of the family’s legacy.

Engaging and preparing the rising generation is often top of mind, as the wellbeing of future family leaders is of great concern. Setting out to understand the needs and wants of the rising generation, this research tapped into the wisdom and experience of 55 families, 28 future family leaders, and 38 family office executives.

When a family unit is comprised of multiple generations, conflicting perspectives and ways of being often come into play. While these generational differences can challenge unity and harmony, they also offer valuable insights and unique contributions when it comes to navigating important family matters. So how do families leverage these differences as they plan for long-term, intergenerational success?

Families of wealth often want to help their relatives financially but are justifiably concerned about what those individuals will do with the money and how having access to significant sums might affect their values and behavior. While making family trust distributions is a way to provide discretionary income, it’s a framework that gives the trustee control over when and how much money to give to a beneficiary. However, that process is not collaborative.

Successful family meetings are an essential component of managing a family-owned business, especially for wealthy families. Such gatherings are not only about ensuring the smooth operation of the business, but also about facilitating family harmony and ensuring that relationships and the family’s legacy continue through generations. Learning from experience that includes failed family meetings, here are 11 tips for facilitating productive family meetings that foster unity and effectively grow wealth across generations.