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November/December 2022
Give to Charity with a Donor-advised Fund
If you want to donate to charitable organizations before the December 31 deadline but haven’t decided where you want your donations to go, consider a donor-advised fund (DAF). With a DAF, you contribute cash, securities, life insurance, money in retirement accounts, or other assets and take an immediate tax deduction in the year you make your donation.
What Happens to the Donated Funds?
DAFs are popular because they are one of the easiest and most tax-advantageous ways to give to charity. Funds can be invested for tax-free growth until you’re ready to select charities to receive the funds. Generally, you can recommend the investment strategies that will be employed. Once you’re ready to select the charities to receive your donation, you’ll be able to decide whether the organization(s) will be given the entire donation at once or spread out over time.What Are the Choices?
Your donation can support any IRS-qualified public charity that you choose. The DAF will ensure that your funds are used for charitable purposes. Keep in mind, though, that while the DAF typically will give the funds to the charities you’ve selected, the final decision rests with the sponsoring fund.There are many donor-advised fund providers, so take time to consult your financial and tax professionals.
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