Are you familiar with Donor Advised Funds? Jennifer Gartenberg,Ā CFPĀ® outlines DAFās and other strategies to help you meet your charitable giving goals in this Mesirow Minute video.
Jennifer Gartenberg discussed charitable giving and how to do it effectively.
There have been changes to IRS regulations over the last few years that have, in some instances, expanded how an individual may want to consider carrying out charitable giving. If you are making charitable contributions, now is a good time to re-examine the tax benefits of doing so, and if the gifting strategies you are utilizing are best for you.
When planning how to donate to charitable causes, it is important to be aware of all of the tax implications. Two strategies often used by individuals and families are donor-advised funds (DAFs) and private foundations; each has unique costs and tax advantages.
What "givers" have in common is their desire to invest in their communities and make a difference in the lives of others, either through donations of time, money, or both.
In preparation for tax time, many of our clients look for opportunities to maximize their charitable contributions, especially in a "windfall" year. One way to do this is with a Donor Advised Fund, which allows donors to make a charitable contribution, receive an immediate tax benefit and then recommend grants to charities over time.
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