The Family Foundation

Abstract

One of the most common public characteristics of a Legacy Family is the family’s consistent, pervasive, and effective expression of generosity and philanthropy. It’s not just the message of the initial wealth creator being parroted by future generations. Each generation will have its own philanthropic initiatives, whether expressed through a new philanthropic entity or outright giving. These initiatives represent their own unique beliefs and reflect the needs and circumstances affecting that generation.

On our foundation board, my sister and I participate, along with our parents and our spouses. It’s the only opportunity I’ve ever had to meet my dad on an even playing field. None of us know much about how charities function (or dysfunction!) and this experience is new to everyone. My sister and I live 1,500 miles apart, but the foundation always brings us back home. It’s the best family business we’ve ever participated in. What worries me is can we live up to my parents’ expectation that we make a real difference with our funds? We’re pretty small in the scheme of things (about $10.0 million), but, if we do this well, the folks may add more through their estate plan.

~Anthony, Age 37, Dallas, TX