Page 17 - Southern Exposure - November '24
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Southern Exposure, Page 17
financiaL focus ®
Donor-Advised Funds: A Smart Way To Give
By Sally Sima Stahl
You can find several ways • Tax-free growth of earnings – Once you contribute your local Edward Jones Financial Advisor, Edward
to make charitable gifts an asset to a DAF, any earnings growth is not taxable to Jones, Member SIPC.
but if you’re looking for you, the DAF or the charitable groups that receive grants Edward Jones is a licensed insurance producer in
a method that can provide from the DAF. all states and Washington, D.C., through Edward D.
multiple tax benefits, along • Avoidance of capital gains taxes – When you donate Jones & Co., L.P., and in California, New Mexico and
with an efficient platform appreciated stocks or other investments – or for that Massachusetts through Edward Jones Insurance Agency
for giving year after year, matter, virtually any appreciated asset – to a DAF, you can of California, L.L.C.; Edward Jones Insurance Agency of
you might want to consider avoid paying the capital gains taxes that would otherwise New Mexico, L.L.C.; and Edward Jones Insurance Agency
a donor-advised fund. be due if you were to simply sell the asset and then of Massachusetts, L.L.C.
Once you open a donor- donate the proceeds to charitable organizations. Plus, by Edward Jones, its employees and financial advisors
advised fund (DAF), you receiving the appreciated asset, rather than the proceeds cannot provide tax advice. You should consult your
can contribute many types from a sale, the charitable groups can gain more from qualified tax advisor regarding your situation.
of assets, including cash, publicly traded stocks, bonds, your contribution. And you can also take a tax deduction Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
CDs or non-cash items such as closely held business for your donation. AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL
™
interests, art or collectibles. You can then decide how to While these potential tax benefits can certainly make a 33458.
invest the money, possibly following a strategy suggested DAF an attractive method of charitable giving, you should
by the DAF sponsor organization you’ve selected. The be aware of some potential tradeoffs. Once you contribute
next step involves choosing which charities to support, assets to a DAF, that gift is irrevocable, and you can’t
how often to provide support (such as once a year) and access the money for any reason other than charitable
how much to give each time. You’re essentially free giving. Also, your investment options are limited to what’s
to direct the money to any charities you like, provided available in the DAF program you’ve chosen. And DAFs
they’re IRS-approved charitable organizations. can incur administrative costs in addition to the fees
Now, let’s look at the possible tax advantages offered charged on the underlying investments.
by a DAF: You may want to consult with your financial
• Immediate tax deduction – A few years ago, changes in professional about other potential benefits and tradeoffs
tax laws resulted in a vastly increased standard deduction, of DAFs and whether a DAF can help you with your
which, in turn, led to far fewer people itemizing on their charitable giving goals. Also, different DAF sponsors
tax returns and having less incentive, at least from a tax offer different features, so you will want to do some
standpoint, to contribute to charities. But if you don’t comparisons. And because DAFs can have such
typically give enough each year to itemize deductions, significant implications for your tax situation, you should
you could combine several years’ worth of giving into consult with your tax professional before taking action.
one contribution to a DAF and take a larger deduction If a DAF is appropriate for your situation, though,
in that tax year. And you can claim that deduction, even consider it carefully — it might be a good way to support
though the DAF may distribute funds to charities over your charitable giving efforts for years to come.
several years. This article was written by Edward Jones for use by
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