See The Tax Benefits Of Charitable Giving Before Year-End
A donor-advised fund can be a beautiful way to assist with your charitable endeavors. It can save you in taxes and benefit the charity even more!
Example:
Let's assume you want to give $5k/year to the Red Cross. You could do so, but if you're taking the Standard Deduction you aren't getting a tax benefit for doing so.
Let's now assume you bought AAPL stock for $10k and it's worth $50k. You can move that do a donor-advised fund and (get a big tax deduction) and gift from this foundation every year (it's like your own foundation) and it can save you a ton in taxes.
This is more advantageous vs. selling AAPL stock (paying 15% in LTCG taxes) and then gifting to the charity. That's $6k that would be saved in taxes and would be able to continue compounding for you within a DAF (Donor-Advised Fund).
In this case, it would save a client $6k in taxes AND thousands by pairing it with a Roth Conversion if RMDs are a concern for you. That's next level stuff!
This clip was taken from this full year-end podcast episode: https://www.youtube.com/watch?v=7QHFluBmbIE&t=1383s
Ari Taublieb, CFP®, MBA is the Vice President of Root Financial Partners (Fiduciary).
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