Did you know you can exercise some control over your charitable endeavors using a donor-advised fund (DAF)? As the name implies, recommendations are integral to a DAF. First, you contribute to a fund typically managed by an independent sponsoring organization. The minimum contribution generally is $5,000. In exchange for handling the management of the fund, the financial institution usually charges an administrative fee based on a percentage of the deposit. Next, you make recommendations as to how the DAF should distribute the assets to your favorite charities.
If charitable giving is part of your estate plan, consider a donor-advised fund
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