Leaning into Legacy

By: Darcy Addison, Partner and Advisor

If you’re anything like me (and millions of fans around the globe) currently obsessed with the show “Love Story: John F. Kennedy Jr. & Carolyn Bessette,” you’re in good company. Who doesn’t love a good love story? And who can get enough of Carolyn’s iconic 90’s style? (Having lived in NYC in the mid-90’s, I’m also nostalgic for smoking in bars and dinner at the Odeon!) But, America lost our uncrowned prince that day, a Kennedy, and the hope for the future that we knew to be destined for him. 

And that got me thinking: What’s in a family name? What kind of mark do we want to leave on this world.? And what kind of legacy are we trying to create? Whether you’re a Kennedy or not. 

To be honest, this is what I think about every day. It’s the focus of my work with our clients – working with multigenerational families, who are beginning to engage the next gen, and considering their legacy. Some families have established foundations that will exist in perpetuity. And some which will “spend down” in this lifetime. But more importantly, how do we create a meaningful legacy that isn’t just about preserving our name, but actually creating some real impact in the world?

As advisors, we begin with a few big questions to help clients explore legacy broadly:

• What do you want your philanthropic legacy to be?
• What are your hopes for your future philanthropy? (In your community? Within your family?)
• How would you define philanthropic success?

Then, we dive deeper by mapping out values and actions that create that legacy:

1. Define Shared Values: While the world’s problems change, family values tend to be long-lasting. By focusing on the why behind your giving, you’ll easily select what type of nonprofits and grantees you want to fund. Our partners at 21/64 have created the Values Cards, a thoughtful and creative exercise to learn your shared values. Creating a family mission statement can be helpful, since you can apply the same values of today to the challenges of 2050, even if those challenges don’t yet exist.

2. Make Space for New Voices: A legacy is often lost when the next generation feels like they are merely “custodians of a museum” dedicated to their ancestors. To create buy-in, give them a seat at the table, early. Try establishing a Junior Board or a “discretionary fund” where kids can research, pitch, and vote on small grants. We have found this transforms philanthropy from a lecture into a lived experience, teaching kids due diligence, empathy, and the responsibility of wealth.

3. Choose the Right Vehicle: Evaluate a Donor-Advised Fund (DAF) for simplicity and privacy, or a Private Family Foundation for more control and the ability to have family, (or outside experts) serve as staff. This allows for opportunities in the board room, bringing the family together, where future generations can collaborate, communicate, and stay connected.

4. Share Family History: If you know your family history – especially the stories of struggle and resilience – you will be a better steward of wealth. Record “Ethical Wills” or legacy letters. These aren’t legal documents, but personal messages explaining origins of the family’s wealth, the Donor’s intent in starting a foundation, and the hope for its future. When a grandchild sees a photo of their great-grandfather’s first storefront business, they have a much better understanding and connection to their family and its history. 

The photos of JFK Jr – playing underneath the President’s desk in the Oval office – is an image that comes to mind. A boy at work with his dad. Learning the family business. So much joy, hope, and future for them both. 

Luckily, for all of us hopeless romantics, there are more episodes of “Love Story: John F. Kennedy Jr. & Carolyn Bessette” about to be released. But we already know how their story ends. What we don’t know is how our story will end. So, in this moment, we still have the chance to design the impact we want to have on the world – and how we want our family name to be remembered. How lucky are we to have the ability to do this?

About Grant Philanthropic Advisors:
We’re an independent firm helping clients to focus and maximize their philanthropy—in turn, strengthening the fabric of our communities. Founded in 2019, we help donors move from responsive patterns of giving by assisting clients to identify values and become more strategic in their philanthropy. Our goal is to help donors to become more effective as change-makers. We work with foundations (large and small staff teams), donor advised fund holders, multi generational families, individuals, philanthropy supporting organizations and corporations to design philanthropic strategies.