Family Philanthropy

WindsorEssex Community Foundation can assist you and your family in creating a legacy - setting aside money for a cause that is important to the family. Most families have some assets they want to donate during their lifetime or plan to leave in their will and families who want to pass on their giving values to their children can establish a family fund with the foundation.

A common misconception of family philanthropy is that it is practice reserved only for the extremely wealthy. The WindsorEssex Community Foundation works with donors and their advisors to ensure the donor receives the maximum tax benefit from their gift while contributing to the well-being of the community.

Some benefits to creating a family fund are:

  • It fosters a sense of charity and teaches children the importance of giving
  • It creates a unique family bond by making charitable decisions as a family
  • It teaches financial and community responsibility

Family philanthropy is also gaining popularity due to the massive intergenerational wealth transfer that estimates $25-$41 billion dollars will be inherited or passed to the next generation by the year 2052. Those wanting to ensure an ethical approach to asset management and the value of philanthropy are considering their gift giving options.

Additionally, recent legislative changes now allow donors to forgo the capital gains taxes on donated publicly traded shares. This decision provides a great benefit to the donor as well as the philanthropic sector.

Charitable giving is no longer focused on end of life and estate planning. Donors are looking to find more fulfillment in their lifetime and are finding great joy through philanthropy and community involvement. Author Jim Stovall wrote The Ultimate Gift in 2007, a story about a billionaire who wants to teach his grandson there is more to life than money. The Grandfather lays out twelve good deeds that his grandson must follow before collecting his inheritance. Through this process the grandson experiences the power of gift giving. The Ultimate Gift has become a catalyst for a global movement of charitable giving as a family based initiative.

Click here to learn more about establishing a family fund with the Foundation.