The holidays are approaching, and we all know this time of year gets busy fast and flies by. In all the pumpkin-spice and peppermint bustle, you probably don’t have much time to spend reviewing all those charitable requests that come in this time of year—not to mention getting your tax documentation ready for 2022! Unfortunately, not reviewing these choices carefully could result in your charitable donations not going to a worthy cause, or—even worse—a blatant scam.
A donor-advised fund, or DAF, can help high-net-worth individuals manage their donations by establishing a charitable savings account. Money in this account is earmarked for charitable giving, but you don’t have to designate a specific recipient right away. The money is set aside and you can pull funds from it at any time throughout the year to send to a qualified charity of your choice. Meanwhile, the money in this account can grow tax-free, contributions made to a donor-advised fund may qualify for a charitable deduction that year.
If you’re considering donating to charity this year—thank you! Supporting the communities you care about by contributing to social causes is a wonderful way to add value to the lives of those around you. Charitable gifting through a donor-advised fund can make the process of giving as simple as it is rewarding. In this blog post, we’ll discuss the top benefits of managing your donations through a donor-advised fund.
continue reading »