Engaging the Next Generation
Hemenway & Barnes professionals focus on next-generation planning in all aspects of our practice, fielding questions from clients about how best to engage their children or grandchildren in the practice of the family’s philanthropy. Common questions include how do we get started or how can we get the next generation “ready.”
Our professionals are experienced in deploying a number of strategies to accomplish our clients' goals and, in our experience, there is no “one size fits all” solution.
We often start the conversation with a needs assessment to uncover the family’s goals and values in terms of focus, size, and scope of their giving “footprint.” Next, we help our clients define and develop family roles. Having an agreement about the process helps to set a level playing field on which to engage in shared family philanthropy. Working with our lawyers, tax professionals, and investment advisors, we help you choose the appropriate charitable giving vehicle to support your goals. It may be a private foundation, a donor advised fund, or some combination of entities.
Engaging the Next Generation in Family Philanthropy: Getting Started
As the age of the foundation increases, the number of third- and fourth-generation family board members will increase accordingly, so we can see that this generational change in leadership is coming to family foundations.