Ali was the son of Abu Talib, a prominent Quraish chief and custodian of the Holy Kaaba. Abu Talib was so called because he was the father of "Talib", the eldest brother of Ali. The real name of Abu Talib was Abd Manaf. He was however more popularly known by his surname than by his real name. Abu Talib was the son of Abdul Muttalib. Abdul Muttalib was also a surname, his real name being Shaybah. Abdul Muttalib was the son of Hashim. Hashim was a great man of the line, and his descendants came to be known as Hashimites.
The mother of Ali was Fatima. She was the daughter of Asad who was a son of Hashim. Fatima was a cousin of Abu Talib. Thus both the father and mother of Ali were Hashimites, and that was a great honor.
"When a person dies, his works end, except for three: ongoing charity, knowledge that is benefited from, and a righteous child who prays for him."
Prophet Mohammed (PBUH)
"The best of what a man leaves behind are three: a righteous child who supplicates for him, ongoing charity the reward of which reaches him, and knowledge that is acted upon after him."
Sunan Ibn Mājah
"Every day two angels come down from Heaven and one of them says, 'O Allah! Compensate every person who spends in Your Cause,' and the other (angel) says, 'O Allah! Destroy every miser.'"
Sahih Bukhari