Conversations about family giving can be a source of great joy and great complexity, and can bring to light differences between generations and differences in priorities. Charitable giving can also bring families together, allowing them to work on shared values and have meaningful discussions about what’s important.
At The Gift Trust we have seen many examples of family giving done well, and we can provide independent advice and guidance to help you work on a shared vision. One example is Sarah* who moved from the United States to New Zealand, and was keen to continue her family’s long tradition of giving through involving her adult children. Sarah understood the high level of admin and time required to run a family foundation and so became one of the first donors to create a Gift Account with The Gift Trust. When Sarah sadly passed away a few years later, her son Josh* took on the role of making decisions about the family’s giving. As the family fund was managed by The Gift Trust, this made the transition to the next generation much simpler and less stressful. Josh and his wife now base their gifting on a combination of causes they’re interested in and that their parents cared about, to honour their legacy. Their Gift Account works like an endowment, with the money invested and the interest donated out – this means the family legacy will continue for generations to come.
They anticipate including their young children in their gifting decisions in the coming years and we’re all excited at the ongoing celebration of generosity this family represents.
Another example is Esther* who has held a Gift Account with The Gift Trust for three years. Instead of creating a separate fund for each of her adult children, Esther allocates a proportion of her Gift Account annual gifting to each family member, giving them the power to decide how this is given. The family had a workshop with The Gift Trust to establish each of their individual focus areas and now distribute funding into climate change alleviation, poverty, conservation and music education. This diverse programme of giving has created a powerful impact for the family in each of their areas of interest.
Seed The Change | He Kākano Hāpai was set up by Anake Goodall to both honour his father Dr Maarire Goodall and to explore his own giving interests. This unique intergenerational Gift Account supports seed initiatives to manifest a sustainable, equitable, and joyous world. The legacy of giving has been extended through Anake’s son Awhioraki who now has his own Gift Account, as the third generation of this generous family.
Outside of The Gift Trust, there are many wonderful examples of family giving and how to include children in decision making from the wider philanthropy world. Sir Stephen and Lady Margaret Tindall helped their five children create a ‘next gen fund’. This new fund is managed by this new generation of philanthropists, supporting the causes that are close to their hearts, rather than those of their parents. Australian philanthropist Allan English allocates a part of the family giving each year to his wife and each of his children to give as they wish. They each have the opportunity to explore, research and find causes that are meaningful to them. So, while Allan was supporting small, women-led enterprises in India, his wife supported people and animals traumatised after the Victoria bushfires and his daughter funded a documentary about babies born to LGBTQIA+ couples in the UK.
The Gift Trust allows all types of families to give flexibly. Rather than having to set up a family trust, which can tie you to a certain way of giving (that later generations then struggle to change), a Gift Account lets you move with your priorities at every stage of your family’s giving.
We’ve worked with a number of families over the years to find the pathway for their philanthropic giving. If you’re thinking of bringing your family into the conversation, drop us a line. Our team have a wealth of experience in the dynamics of giving and can help you plan ahead to involve the whole family.
*Some names have been changed to protect privacy.
