What are donor-advised funds and how do they work?
An example of an AI chatbot conversation about donor-advised funds and their benefits.
What are donor-advised funds and how do they work?
Donor-advised funds (DAFs) are charitable giving accounts that allow donors to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time.
What are the benefits of using a donor-advised fund?
Some benefits include tax advantages, the ability to grow your donations through investments, and the flexibility to support multiple charities over time.
Can I choose which charities to support with my donor-advised fund?
Yes, you can recommend grants to any qualified public charity, giving you the flexibility to support causes you care about.
Are there any fees associated with donor-advised funds?
Yes, most DAFs charge administrative fees, which can vary by provider. It's important to review these fees before opening an account.
How do I set up a donor-advised fund?
You can set up a DAF through a sponsoring organization, such as a community foundation or a financial institution that offers DAF services.
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