A Family Tradition

Family traditions - customs passed down from generation to generation - include special ways to celebrate and mark achievements, milestones, birthdays and holidays. Linking the past, present and future, they create a sense of belonging and incorporate shared values. Although many traditions change or fade with time, each generation has the opportunity to establish new ones. Beginning a new one is exactly what University alumni David and Betsy Waldron of LaVergne, Tenn., have chosen to do for their family. Their desire: to pass down to their children a love of giving.

But for the Waldrons, giving is more than just a tradition they want their son, Will, and daughter, Katie, to carry on once they are grown. Instead, they want it to be a way of life now, not just for the parents but also for every member of their family. And they've taken several steps to make their dream a reality.

The first step was the Waldrons' decision to go ahead and begin developing plans for their estate instead of waiting until closer to retirement. As parents of school-age children, they could understandably be more focused on preparing for college than on estate planning. However, they chose to tackle the latter task now instead of putting it off a few years.

In taking this proactive approach, the Waldrons believe that developing plans for their estate while their children are young teaches valuable lessons of saving and philanthropy - not only helping them to consider the responsibility of stewardship but also the joy of generosity.

One result of these endeavors is the recently established Waldron Family Foundation. A donor-advised fund, this easy-to-establish and flexible fund allows the family to begin making contributions to the University now. However, they also retain the option to distribute future earnings to other qualified charitable organizations.

Although the couple has been long-time supporters of the University, establishing the foundation gave them the opportunity to bring giving to the forefront of their lives. While the fund offers freedom in choosing gift recipients, it also requires frequent input. This continual involvement is exactly what the Waldrons wanted.

Says Betsy, "We had both supported Harding and given in different campaigns, but [estate planning] put us on the track of regular giving."

But Will and Katie are not just watching the example of their parents. They're learning hands on. As foundation advisers, all four Waldrons - may provide written recommendations each year naming organizations they wish to receive the grants.

While David and Betsy enjoy being part of the selection process, the best part is having Will and Katie participate with them and knowing they can keep giving as they become adults.

"David and I have such a good time choosing with whom to share, and we wanted them to see how much fun it is to give," Betsy explains. "Hopefully, they will continue to put into it as they are able."

Although this particular tradition begins with David, Betsy and their children, the importance of giving is a long-established value in their extended family.

Says Betsy, "David's parents lived on the foundation that, 'What you give away, you get back.' We've tried to impress this upon our children."

And like many donors, the Waldrons truly believe in and have emotional ties to the organizations they support. They give so that others can reap the academic, social and spiritual benefits that come with a Christian education and to help the University continue offering these opportunities.

"Harding was built strong, and we want it to stay that way," Betsy says. "We both feel that we can send our friends there with confidence. The people I made friends with are still so important to me. I want my kids to have that."