This question was top-of-mind for a family (we’ll call them Mr. & Mrs. Carpenter) who was working with the Foundation. Their children were grown, and the couple had plans for substantial giving both now and through their estate plan. But they were searching for ideas to get their adult children motivated to start giving.
The Foundation discussed various ideas with the couple, and they eventually decided on a plan that is illustrated below. Their plan combines current charitable giving with gifts via their estate plan (which utilize the Foundation’s Family Charitable Legacy Plan).
To get their children involved in philanthropy, they opened a Donor Advised Fund (DAF) for each of their two children (Joe Jr. and Jaime). The Carpenters opened the two DAFs now and plan to add to each of the funds through their estate plan. These DAFs are solely advised by the children; Mr. and Mrs. Carpenter don’t have any say over where the kids make grants. They simply provided the vehicle and funding as a catalyst for their children’s philanthropy.
