Every year on their children’s birthdays, one couple “gave” an amount from their Charitable Giving Fund (CGF) account to the children to donate.
As the children grew older, the amount the parents gave them to donate also grew—as did the family’s conversations about philanthropy. The kids became accustomed to thinking about charities, researching potential grant recipients, recommending donations and evaluating the impact of their giving.
The parents put $20 million in a CGF account because they wanted the freedom and flexibility to donate to causes of their choice when they were ready to do so.
The family’s CGF supported three causes:
- Education (the parents’ interest)
- Ocean health (the son’s interest)
- Disease eradication (the daughter’s interest)
In their wills, the parents had their CGF account split into two new accounts, one for each child. They hoped the children would continue the practice with their families, and ask their children: “What cause do you want to support this year?”