On Oct. 3, 1789, George Washington issued a proclamation, designating for “the People of the United States a day of public thanks-giving” to be held “Thursday the 26th day of November, 1789”, marking the first national celebration of a holiday that has become commonplace in today’s households.1
Though there are many reasons to celebrate, Thanksgiving brings us around the table to share turkey, trimmings, homemade pies, and lively conversations. The holiday traces its roots back to the fall harvest celebrations of the 1500s, though most of us learned in grammar school that it began in 1621 when the Mayflower pilgrims shared a three-day meal with the Wampanoag. Amid the Civil War in 1863, President Abraham Lincoln officially designated Thanksgiving as a national holiday to be held in November. For many, Thanksgiving is a time to pause and reflect on the blessings of family, friends, health, and home.
Gratitude comes from the Latin word gratus, meaning pleasing, and reflects our appreciation for kindness, gifts, help, and good fortune. This Thanksgiving, remember that expressing gratitude creates a circle of giving; while it’s pleasing to receive, showing gratitude can increase our own happiness, as well.
Charitable giving
Giving allows us to make a meaningful impact beyond our Thanksgiving tables. In 2023, individuals, bequests, foundations, and corporations gave an estimated $556.16 billion to U.S. charities.2 Giving can be rewarding, but it can also offer tax benefits. If you’re interested in giving this holiday season, here are some ideas:
- Qualified charitable distributions (QCDs) are direct gifts from a retirement plan to a qualified charity, often counting as a required minimum distribution (RMD). For those aged 70½ and older, donating up to $100,000 per year offers a tax-efficient way to give.
- Donor-advised funds (DAFs) allow donors to make tax-deductible gifts in one year but direct the gifts to preferred charities over different years – all while keeping the gifted funds invested. DAFs may also serve as an important role in estate plans, particularly when contingent beneficiaries are no longer living.
- Appreciated stock gifts can also be made through a DAF, and may reduce capital gains tax and often offers a more efficient strategy than selling stock and donating the proceeds.
- Local charities and tax deductions: Charitable giving can provide many benefits, from a sense of fulfillment and community building to helping minimize taxes.
Meaningful gift-giving: Sharing family stories
One of the most meaningful gifts isn’t found in stores; it’s the legacy we create by sharing family stories. These treasures keep family history alive, fostering a legacy of gratitude that can be shared across generations.
Here are some ideas for preserving memories this Thanksgiving:
- Create a legacy celebration: Encourage family members to share favorite memories. Documenting these memories preserves them for future generations.
- Explore family photo albums: Dig out old photos and reminisce together, remembering where and when the photographs were taken and the characters in them.
- Pass down family treasures: Heirlooms, whether a tattered teddy bear or a wedding ring, carry personal significance. Physical representations of loved ones who no longer share the table with us encourages stories and ultimately connects values across generations.
The deep roots of gratitude
I have come to believe that the roots of so many values that we want to pass to the next generation form with gratitude. True gratitude nurtures a strong work ethic, encouraging us to seize every opportunity. Gratitude cultivates empathy, as we recognize that our opportunities are not a “given” for much of the world and that we may not always deserve them.
Over time, we may even become grateful for life’s greatest challenges, understanding how these challenges shape our family’s character. When we gather as families and reflect on our struggles with gratitude, the generations witness how time and perspective bring appreciation for even the hard times, fostering hope and resilience.
Whether we find ourselves in a season of giving, receiving, or enduring, may a spirit of gratitude abound with us all this Thanksgiving season.
If you’re not a client of Mercer Advisors and want to learn more about the benefits of giving, let’s talk.
| Did you know?
Thanksgiving leftovers led to the invention of TV dinners. In 1953, Swanson was left with 260 tons of extra turkey after the holiday. An employee came up with the idea to create and sell individual turkey dinners complete with cornbread dressing, gravy, peas, and sweet potatoes on reheatable trays. By the end of 1954, Swanson had sold 10 million frozen turkey meals.3 |
- “Thanksgiving.” George Washington’s Mount Vernon.
- “Giving USA: U.S. Charitable Giving Totaled $557.16 Billion in 2023.” Indiana University Indianapolis, Lilly Family School of Philanthropy, 25 June 2024.
- “25 Fun Thanksgiving Facts You’ll Want to Tell Everyone You Know.” House Beautiful, 3 November 2023.
