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Judy Saxe, AEP®, CAP®
February 11, 2020
This is the second blog in a three-part series that focuses on effective philanthropy.
Read Part 1: 3 Steps to Begin (or Continue) Philanthropy
Developing a path to achieving a philanthropic goal can be challenging. The approach must be clear enough to be actionable, yet flexible enough to adapt to changing circumstances. To determine your philanthropic path, it’s important for you and your family to articulate what you want your shared philanthropic endeavor to look like, and map out the steps to get there. The process involves four distinct steps, which can serve as your family’s compass, guiding your actions as you work together toward a shared vision.
First, it’s important to determine the core cause you and your family seek to gather around. Supporting a specific cause allows you to focus your resources, which include both time and money. To decide which cause is most important to you, helpful steps may include:
Philanthropy can be an ideal way to bring your family together around a common interest or goal. When discussing your philanthropic goals with your family, it’s important to remember:
Once you’ve determined your cause, the next step is sitting down and mapping out a plan. Steps to get you from where you are currently to where you want to be often include:
Finally, you may wish to consider what you’d like your philanthropic endeavor to look like when you are no longer able to shepherd it. If you’d like your family to be able to carry on your work, taking the following steps now may help them be prepared to do that:
Developing your strategic philanthropy approach may take time and often involves several iterations before determining a cause, and method for supporting that cause. If you’re unsure where to get started, your CIBC Private Wealth advisor or wealth strategist can help you illuminate your family’s values and interests, so you can better focus your charitable efforts.
For more information on strategic philanthropy, visit our Effective Philanthropy resource page.
Judith Saxe is the director of research and education for wealth strategies and a senior wealth strategist at CIBC Private Wealth Management.
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