Investing with Faith / Kimberly Pohovey

Conversations with your family can inspire generations of generosity

As a faithful Catholic, you understand the importance of giving back to God and the Church.

Have you instilled this habit in your children? The future of the Church relies on the generations to come being generous with their God-given blessings.

Whether your children are grown adults or still little, introducing the value of financial stewardship is important at any age.

Teaching young children the value of giving back plants the seeds of stewardship. If you give your children an allowance or they receive a gift, it would be a great practice to teach them to always give a portion of it to the church or other charitable cause. I remember my parents teaching me this lesson when I was little, which I believe led me to be a faithful contributor to the Catholic Church as an adult.

Sharing your philanthropic goals with your adult children can help inspire generosity in their lives. Engaging them in your charitable contribution decisions can help them better understand why philanthropy is important to you and solidify your family’s philanthropic legacy.

In my work with archdiocesan planned giving, I have seen entire families support the same ministry, endowment fund or cause. I have witnessed adult children continuing to support a particular ministry, even after their parents have passed. I have also conversed with families in which the parents set aside a particular amount for each child to donate to the charity of their choice in order to foster stewardship before they have the financial means to make meaningful gifts on their own.

Kathy and Jim Laudick of St. Pius X Parish in Indianapolis understand the importance of generational giving. In 2017, they established a donor-advised fund (DAF) with the Catholic Community Foundation (CCF) which they use to give grants to their favorite Catholic ministries. Since then, they have found their DAF to be a great tool to involve their adult children in giving discussions.

“Until recently, our young adult children knew that we supported several different philanthropic organizations and that we concentrated on education,” Kathy said. “For several years, Jim and I discussed more directly involving our children by giving them a pool of funds with the idea that they would decide where the funds went.”

In 2024, they implemented this plan. “They [their children] decided to give part of the funds collectively, and we allocated a sum to each child to distribute as they desired,” Kathy continued. “When we saw their chosen organizations, there were no surprises—their choices matched their interests.”

Kathy and Jim’s goal was to provide a more direct way for their children to gain an appreciation of the value of philanthropic giving. “It is an important component of who we are,” Kathy shared, “and we hope to instill that same value in them. We also saw this as an opportunity for our children to work together.”

When it comes to informing your adult children of your wishes regarding end-of-life issues, I have heard from several priests that they are frustrated when one of their faithful parishioners dies and their children decide to forego a funeral Mass.

My husband and I recently updated our last will and testament. Among the documents our attorney prepared for us was a funeral planning declaration that clearly states for our children our wishes to receive a Catholic funeral Mass, as well as our burial instructions. While most would prefer not to discuss death, it is important to broach this subject with your children if your final intentions are to be followed.

Wondering how to get started?

—Even from a young age, instilling a sense of philanthropy can help your children grow in the habit of giving back. Discuss with children that everything we have is a gift from God and he calls us to not only give back, but to benefit others.

—We encourage parents to regularly discuss their giving with their adult children. Be sure to express to them your wishes regarding your estate, potential charitable bequests and your funeral wishes so that they understand and can carry through your intentions. Discuss with your adult children your desire that they follow in your footsteps in continuing the family tradition of charitable giving.

—Did you know that a DAF with the CCF is a great tool to facilitate generational giving? It allows you to grant donations to Catholic parishes, schools or ministries. A DAF provides donors with flexibility in the amount, frequency and timing of grants to charities. A family can decide together where to distribute the funds, or each member could recommend a different charity to benefit.

Having these conversations with your family can inspire generations of generosity.
 

(Kimberly Pohovey is the director of major and planned gifts for the archdiocese. Tax or legal information provided herein is not intended as tax or legal advice. Always consult with your legal, tax or financial advisors before implementing any gift plan. For more information on the Catholic Community Foundation, visit www.archindy.org/CCF, e-mail ccf@archindy.org, or call 317-236-1482.) †