A rising generation of clients in their 20s and 30s turned to Jim Steiner, president of Abbot Downing, and asked him to share his insights, both as a parent and a wealth management leader. Through four memorable stories and thoughtful questions, Mr. Steiner reflected on matters of career, philanthropy, family, and leaving a legacy. He beg...
For a number of philanthropists, philanthropy is a family affair: a means of passing on key values to the next generation as well as giving back or doing good. How are millennials in family foundations, with the weight of legacy on their shoulders, approaching philanthropy? This fascinating generational shift is explored in more detail in this new ...
Wealth amassed by affluent individuals is being channeled into family foundations, increasingly led by millennials. They sit at the crossroads between the forces driving the millennial generation and the weight of their families’ legacies. They want their financial resources to achieve the greatest possible impact. They question why all their inves...
Charitable planning can be an important part not only of managing income and estate taxes, but of engaging the family and strengthening family values. Adding in a multigenerational component can make it even more meaningful and compelling. Just as every family is unique, so is the philanthropic approach where communication is key and there is ...
To help families meet their philanthropic goals and make a measurable difference, in this 2011 FOX Fall Forum session the speaker recommends allocating charitable dollars much the way an individual would allocate investment dollars. A structured approach to charitable giving allows families to meet their philanthropic goals and ensure they are...
A foundation is a powerful platform through which families can address the challenges in society about which they care about most. Yet, most families only use a small portion of their foundation assets to pursue their philanthropic missions. As families grapple with the scale of funding solutions to the world’s toughest challenges, many are t...
In a clip from the 2009 Fall Forum Peter Karoff comments about using wealth to influence social issues.
The term “Outsourced Chief Investment Officer” (OCIO) has gained popularity in the investment industry as investment consultants, banks and small wealth management firms are now offering OCIO services to foundations, endowments and nonprofits. You may be considering this model instead of the self-managed or consultant model used in the ...
The United States is home to tens of thousands of family foundations that have and continue to make positive contributions to society. It’s also not uncommon for the foundations’ boards of directors to play a leading role. Reflecting on the philanthropic journey and the family engagement and ties at the heart of it, here are seven profiles that pre...
For a majority of impact investors, impact investing means seeking a general or specific environmental, social, or governance outcome, in addition to a financial return, from their investments. Through a collection of articles on impact investing—including how The Russell Family Foundation has charted a course to impact investing—famili...
Private foundations assessing the impact of the tax reform legislation (HR1) signed into law on December 22, 2017 should look beyond the private foundation-specific proposals that were not included and assess the impact of provisions affecting all tax-exempt organizations. For some private foundations, the list of key items may include the new exci...
The field of philanthropy has primarily been built around the more tactical aspects and the how of giving while taking the why for granted. It has made the assumption that a purely rational approach (i.e., providing donors with more information or metrics) will unleash more giving, without exploring the often nonrational, psychological journey on w...
If you are a newer family foundation with one or two generations on the board, five generations may seem like a long time away. Yet in family philanthropy, quite a few foundations have been operating and thriving for 50, 75, even 100 years. What’s the secret of these family philanthropies that make it five generations, and across family branches? H...
The Tax Cuts and Jobs Act went into effect on January 1, 2018, and some experts suggest there could be a significant impact on charitable giving. Kim Laughton, President of Schwab Charitable, sat down with Hayden Adams, CPA, Director of Tax and Financial Planning at the Schwab Center for Financial Research (and former IRS agent) to discuss the new ...
Cyber risk has become a major potential loss exposure for almost any company. As with any other exposure, directors should confirm that reasonable steps are taken to identify, mitigate, respond to, and recover from third parties relating to cyber-related problems when they arise. However, because of the potentially severe nature of this risk, the d...