For family business owners, preparing the next generation to someday join your business is an important goal. Teaching children the financial skills required is a key first step.
Our partners at Fiduciary Trust International understand the benefits of educating the next generation so children are ready and able to carry on your legacy. In fact, Fiduciary Trust has identified a link between financial education and philanthropy that can be helpful to you and your family.
Exposure to philanthropic work can build confidence, professional connections and cultural awareness. Philanthropy offers lessons in money management and organization. It provides a hands-on way to build business and financial acumen. It also enhances professional skills, such as communication and accountability.
Getting your children involved in philanthropy is an ideal way to build a range of skills in your children while supporting your community. Encouraging them to volunteer, letting them recommend organizations your family can support and helping them make their own donation decisions are just a few ways to get them started.
As you continue to support your next generation, consider Fiduciary Trust’s 5 Ways Philanthropy Can Build the Rising Generation’s Financial Skills.
Since our founding in 1931, we have delivered holistic, highly personalized solutions to families and institutions. We have grown exponentially since those early days, but we still focus entirely on preserving, growing and transferring wealth through personalized investment management and tax-efficient estate planning. We are a fully owned subsidiary of Franklin Templeton, a $1.4 trillion asset manager. While we are part of one of the largest wealth managers in the world, we operate as an independent and nimble firm. This means we combine the personalized service of a boutique wealth manager with the extensive resources that come with being part of a global investment leader. Everything we do is with your best interests in mind and is tailored to your specific circumstances. As a fiduciary, our focus is always on you. We do not manufacture products or make money in any other way, so our advice is unbiased and free of conflict.
Interested in learning more about Fiduciary Trust International’s philanthropic services and how they can help your family? Explore more of our insights
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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