Approaching Philanthropy as a Family

In this installment of View from the Owner Room, Banyan’s Editorial Director Karen Dillon converses with Goldman Sachs Private Wealth Management Managing Director, Karey Dye. Karey, who has advised countless families, offers her advice for families who want to engage in philanthropy together, common mistakes families make in their philanthropic efforts as a family, and much more.

Time Stamps and Key Takeaways from the video are below.

Time Stamps:

[0:17] Karey describes how she got into the business of working with family philanthropies and what her experience has been like.

[2:14] There is one commonality among families that spurs their interest in developing a philanthropy and common themes of families going down this path.

[5:28] Karey shares her advice for families starting down the path or either starting or continuing philanthropic activities, especially during a time of change and when doing it together.

[10:20] Depending on your family goals with philanthropy, there are different paths you should take, different structures you should set up, and it’s important to discuss this and understand this before setting up a foundation or an organization.

[14:37] There are some common, but avoidable mistakes, that families often make when deciding to go down the philanthropy path.

Key Takeaways: