GIVING BACK... AND FORWARD: "Watching mom and dad engage in charitable activities reinforces the perception that your family values acts of generosity. The more this notion is reinforced, the better."(ECONOMICS)

• Author: Scott, Klmberly
• Position: ECONOMICS

HOW CAN wealthy families instill a sense of generosity in their children? Establishing a private foundation can unite your family in the shared pleasure of giving back. It affords a rare opportunity not only to discuss what matters most to you, but to work together and demonstrate your commitment with deeds as well as words.

A foundation is a bulwark against "affluenza" as well as a training ground for young people to learn life skills, such as group decisionmaking, advocating for their positions, and resolving disagreements. For many, the foundation becomes the glue that holds the family together, providing a "non-Thanksgiving" reason to meet on a regular basis.

To realize these benefits, however, family foundations have to overcome a significant challenge: engaging the next generation. Whether they are young children busy with school, activities, and friends, or young adults starting their first jobs, the foundation can seem like yet another item on an overcrowded schedule--especially if the foundation feels like a parentally-imposed obligation.

So, how can you ensure that your children embrace foundation work as a joy and a privilege? Cultivate their generosity; inspire their enthusiasm; and encourage their commitment.

Children as young as three or four can learn about the value of good works, as they just are beginning to realize that the world extends beyond "me" and even beyond "Mom and Dad." This is the age when children develop a sense of empathy and awareness of other people's feelings, so it is important to take advantage of this window of opportunity. The exciting discovery of their expanding world can be a magical time--a perfect opportunity to introduce children to the joys of helping others.

Young children look to their parents for clues about how to interact with the world, taking careful note of how society responds to the elderly, homeless, disabled, or seriously ill. Watching mom and dad engage in charitable activities reinforces the perception that your family values acts of generosity. The more this notion is reinforced, the better. Bring your children along when you provide books to a homeless shelter, shovel an elderly neighbor's driveway, or donate used toys and clothing.

A philanthropic mindset can be developed at story time by reading books about giving. Kids need role models and examples that inspire them. Stories with a theme of "giving back" underscore the importance of helping others. For instance, there is B.G. Hennessy's Because of You: "When you were bom, there was a new person for your...