- Second volume of the digital magazine explores ways to establish a family culture of stewardship and philanthropy
- Offers guidance on managing and using this wealth to support the causes important to the family
Articles from the second volume of the
"When discussing successful transfers of wealth, it is important for families to consider the responsibilities involved with inheriting the family legacy and how to build a framework that will advance the family's philanthropic commitments," said
Tips for teaching children the role of wealth stewardship
Cultivating a lasting culture of wealth stewardship and philanthropy begins with engaging the next generation in charitable giving habits that will define how they will steward their time and wealth. BMO Private Wealth encourages Canadians and their families to consider these suggested strategies when preparing their children and grandchildren for a lifetime of charitable giving:
- Look for teachable moments: Whether it is a discussion at the dinner table, volunteering at a shelter or attending a granting meeting, there are plenty of opportunities to introduce and explain the value of philanthropy and charity to children of all ages. If possible, try teaching children at an early age that one of the most precious commodities a family can give is their time. Encouraging children to volunteer their time can help build their self-esteem and confidence, while exposing them to their community and its diversity.
- Create a legacy account: Consider allocating a portion of the household budget towards specific charitable causes by opening a designated bank account or establishing a donor-advised fund. Demonstrating the cumulative potential of small sacrifices and how it can amount to a significant contribution in the future can encourage children to adopt these habits and continue these traditions as they become financially independent.
- Encourage children to take initiative in the process of family philanthropy: After witnessing the potential of dedicating the family's time and resources to a cause, children may be interested in choosing a worthwhile initiative of their own. Asking children to research and submit a formal proposal or a presentation on the charities they believe will benefit from their support will enrichen the child's personal experience and connection to the giving process, as well as encourage future giving.
"Building an enduring culture of wealth stewardship and philanthropy starts with habits. By encouraging family members of all ages to participate in acts of charitable giving and responsible wealth management, these habits will develop into a framework of philanthropic family traditions and values that can be passed down to succeeding generations," said
To download a copy of BMO Wealth Insights, please visit https://privatewealth.bmo.com/getimage.asp?content_id=87401
BMO Private Wealth is a brand name for a business group consisting of
® Registered trademark of
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in
SOURCE
© Canada Newswire, source