Issue date: 7/20/05 Section: News

Scott Savage - The Battalion. Stephen Maislin spoke Tuesday at the George Bush Presidential Library.

Most parents and grandparents have wills or have done some type of estate planning, but in many cases, when heirs inherit a large amount of money, they have no plan, said Stephen D. Maislin.

Maislin, president and CEO of the Greater Houston Community Foundation, spoke Tuesday night as part of the George Bush Presidential Library and Museum's Issues Forum.

Maislin, a financial planner, said he has worked with both very wealthy families and families with smaller incomes.

"I have seen a wide range and it began to intrigue me that money is not the only issue (to securing a future)," he said.

Maislin said it is important to families to determine how children and grandchildren will be allowed to seek their roles in life.

"Structuring the planning to pass your financial assets is only part of the process," he said.

One way families can identify what is important to them is through charitable giving, said Maislin. When families give to charitable organizations, children should be allowed to provide input and be involved in the process.

"In the charitable sector you can give your children more responsibility, but you're not turning over control of the family business to them." he said. "Charitable giving is a wonderful opportunity because you give them the opportunity to lead and not just sit and listen."

Maislin said by involving the whole family in philanthropic activities, it opens a dialogue between members that the children will carry on even after their parents have passed.

"It encourages family members to look outside," he said. "It provides a structure for interaction. It's a great way to start a family dialogue rather than just deciding who is going to manage the money once Mom and Dad are gone."

He said allowing children to be actively involved in charity also helps them move away from defining themselves in terms of money.

"When the kids become involved in giving, a light bulb comes on," he said. "They see the family money is not who they are, but a tool."

By involving children in the charitable activities of the family at a young age, usually around 12 to 15, Maislin said it becomes a routine they continue, even when their schedules get busy with high school and college activities and they continue on until adulthood.

Continued...

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