During their fall meeting, members of Elon’s Parents Council attended a session led by Charles W. Collier, senior philanthropic adviser at Harvard University and a nationally recognized expert in planned giving, family philanthropy and family wealth advising. Collier has worked with hundreds of individuals and families to shape their philanthropy, helped them make tax-wise gift decisions and advised them on family relationships surrounding financial wealth. After speaking with parents, Collier traveled to Elon University School of Law to speak with students and community members.
In a session last week titled “The Practices of Flourishing Families,” Collier discussed with Parents Council members strategies for success within families, including how to make decisions and plan for the future. Collier urged parents to speak openly with their children now about their estate plans, including issues surrounding inheritance, the principles that guide their decisions and a family’s philanthropic legacy. The more transparent that conversation the better, Collier said. He also urged parents to give their children the freedom to become individuals, including helping them discover their true passions in life.
“The real assets of your family are the intellectual capital and social capital, not the financial capital,” Collier said. “You can encourage your kids to lead their own lives while also staying connected to the family.”
Before the lecture, many parents purchased a copy of Collier’s book, Wealth in Families, published by Harvard University in 2006.
Collier also spoke with Elon Law students interested in taxation, estate planning and non-profit organizations. Collier discussed the opportunities and challenges associated with family foundations and how advisers can assist families in pursuing their philanthropic legacy. Many professional advisers and foundation representatives from the Greensboro area also attended the event.
Before joining Harvard in 1986, Collier served as director of planned giving at Princeton University for five years. He also has held positions at Brown, Andover and Dartmouth. He is a senior fellow at The Philanthropic Initiative, Inc., serves on the board of The Family Foundation Advisor newsletter and is a member of the committee on the Emotional and Psychological Issues in Estate Planning of the American Bar Association. Collier also has been a consultant for many institutions, including universities, private banks and community foundations. He is a graduate of Phillips Academy, Andover and holds a BA from Dartmouth College and an MTS from Harvard Divinity School.