Handing Down Your Family Business I Singapore I Familosophy
CHARITABLE GIVING OR INHERITANCE
Assuming that one's children will inherit one's money is at the heart of the difficulties associated with raising them. What if it doesn't?
Some families are considering donating the majority or nearly all of their accumulated riches to charity. Families in the United States are discussing giving each child a maximum of $15 million (and the rest to charity).
When it comes to philanthropy, there are many various motivations and ways. For example, whether you don't want to leave your children "too much," or if you want to make philanthropy the family heritage, there are many different reasons and approaches (e.g. setting up a foundation and having family members involved, so they remain part of the legacy). "The bulk of" may still be plenty for years to come depending on the numbers involved.
It's crucial for families to know why they're doing what they're doing, and to share that journey with their children.
Consider This: Is there a reason why you're donating a sizable portion of your riches to charity? How many members of the family were involved in the decision-making process? To what end are you committing yourself to it? Future generations may suffer as a result of wealth redistribution.
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His market is two-fold:
Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income
Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.