Dec 14, 2018
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Tags: retirement, investing, money, finance, stock market,charitable donations, charitable donations 2018, charitable donations tax deduction, donor-advised funds,
Transcript:
I love, love, love the donor-advised fund and here’s why - if you’re intentional about your giving, and want to give in big, bold way and really make a difference in the causes you care about most, you need to look seriously at a donor-advised fund.
A donor-advised fund is an investment account that allows you to make tax-deductible donations in a given year. Let’s say you sell your business or have a major windfall that’s going to be a big tax hit. You’re charitably inclined and you want to do good while lowering your tax bill at the same time. A donor-advised fund helps you do exactly that.
Let’s say you put $100,000 into a donor-advised fund, and let it grow for 10 years. Let’s say the account did really well and doubled in value over that time - now you have $200,000 in the account. You just doubled what you were able to give to charity by investing those dollars and allowing them to grow!
Imagine what your favorite organization could do with double or triple the amount of funds you otherwise would have donated. We’re upgrading from your name on a single brick to your name on the building, baby!
And when the account minimums on donor-advised funds are pretty low - you need around $5000 in many cases to start one - these are not just for the wealthy. If you want to give in bigger, bolder ways and really maximize the dollars you donate over your lifetime, a donor-advised fund deserves a serious look.
That’s it for today. Tomorrow, we’re going to continue with how to tell a good charity from a bad one and how to pick the right charities to donate to.
My name is Ashley Micciche and this is the One Minute Retirement Tip.