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A donor-advised fund (or DAF) might be an excellent solution for you. You can use a DAF to distribute gifts to numerous charities. With a DAF, you can make gifts to charity during your lifetime, and when you pass away, your children can carry on your legacy of giving.
You enjoy several benefits with your donor-advised fund
- Establish a flexible vehicle for annual charitable giving
- Benefit from a more tax and cost-efficient alternative to a private foundation
- Obtain a charitable income tax deduction in the year of your gift
How a donor-advised fund works
- You make an initial, irrevocable gift of cash or stock to fund a DAF at a sponsoring organization.
- The assets in your DAF grow tax-free.
- You make annual recommendations on gifts to be made from your DAF.