A Family Tradition of Generosity (Part One)
Right now, many families are experiencing a new kind of togetherness. The pandemic has suddenly and indefinitely moved everyone’s round-the-clock routines under one roof. Social media is abuzz with ideas for family craft projects, photos of completed massive jigsaw puzzles, and instructions for growing sourdough starter. But have you thought of charitable giving as a family activity?
A Legacy of Hard Work and Caring for Others
Abundance Canada clients Doug and Heather Leung* spent 25 years running a successful local restaurant. The business had always been a catalyst for teaching their children the value of hard work, simple living, and care for others. However, when they retired a few years ago, the Leung’s children were grown and had homes, families, and careers of their own – none of them were interested in taking over the restaurant.
When I met with Doug and Heather, they had decided to sell their business and wanted to know more about donating some of the proceeds to charity. As the Leung’s and I talked through their charitable goals, it became clear that the restaurant meant a great deal to them. Building and operating their business had been a source of deep connection for their family, and they wanted their Generosity Plan™ to continue shaping those good memories. They also felt it was important to establish a family tradition of generosity that could be passed down through generations.
A Family Tradition of Generous Giving
An Abundance Canada Gifting Fund™ gave the Leung’s the flexibility they needed to create a new family tradition. Heather and Doug made a donation to Abundance Canada, and received a charitable receipt, which was very helpful in offsetting income taxes owing in the year they sold the business.
Adding the donation to a Gifting Fund meant there was no rush to disburse the entire sum immediately, so they could ensure their disbursements complemented their long-term charitable goals. The Leung’s took the time to involve their whole family in deciding which registered charities they wanted to support, how much they wanted to give to each, and the timing of their donations.
Today, Heather and Doug love how easy it is to give to charity. They just communicate their disbursement recommendations and Abundance Canada manages the rest, allowing these loving grandparents to devote their time to passing on their values and making giving a cherished family tradition.
In Part Two, I’ll explain more about how the Leung’s designed their Generosity Plan so their entire family can participate.
*Names and details have been changed to protect the privacy of the individuals
Contributed by Sherri Grosz
Gift Planning Consultant