An Enrolled Agent with over 30 years' experience providing common-sense tax, insurance and financial solutions. Married for over 45 years, having raised two sons, both married to girls named Carla. Go figure.
Donor-Advised Funds Combine Charitable Impact with Tax Benefits
A donor-advised fund (DAF) is a charitable account offered by sponsors such as financial institutions, community foundations, universities, and fraternal or religious organizations. Donors who itemize deductions on their federal income tax returns can write off DAF contributions in the year they are made, then gift funds later to the charities they want to support. DAF contributions are irrevocable, which means the donor gives the sponsor legal control while retaining advisory privileges with respect to the distribution of funds and the investment of assets.