Everything You Ought to Know About Donor-Advised Funds

Stay Wealthy Retirement Podcast

Taylor Schulte, CFP®

Financialplanning, Retirement, Money, Taxplanning, Stocks, Wealth, Business, Investing, Retirementplanning

2.4 • 606 Ratings

🗓️ 6 August 2019

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Due to recent tax reform, only 10% of Americans itemized their deductions in 2018 compared to 30% in 2017.

This has significantly impacted the tax benefits of charitable giving. Or has it?

In today's episode, I'm discussing:

Exactly what a Donor-Advised Fund is in its simplest form
Who is the right fit for using a Donor-Advised Fund
If you are a potential candidate, what the absolute best strategy is for funding one
Where to open a Donor-Advised Fund + a handful of really important things to look out for

Show Notes & Links: https://youstaywealthy.com/50

DISCLAIMER: This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. This podcast is not engaged in rendering legal, financial, or other professional services. Speak to your tax professional and financial advisor before taking any action.

Transcript

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0:00.0	Because of the new tax reform, only 10% of Americans itemized their deductions in 2018,
0:11.8	compared to 30% in 2017.
0:15.1	This has significantly impacted the tax benefits of charitable giving, or has it?
0:22.0	Welcome to the Stay Wealthy podcast. I'm your host, Taylor Schulte, and today we're going to be
0:26.2	talking about one of my favorite topics for 2019, which is donor advised funds. Donor
0:32.7	advised funds provide a simple solution for reducing your tax bill through charitable giving, even if you're
0:39.8	part of that 90% that's now claiming the standard deduction. And even if you only donate a few
0:46.6	thousand dollars per year. I'm going to cover four things today. Number one, for the first time in
0:52.7	history, I'm going to explain what a donor advised fund is so
0:56.9	simply that you will be able to explain it to a six-year-old.
1:00.4	Number two, who is the right fit for using a donor advised fund?
1:05.2	Number three, if you are a potential candidate, what's the absolute best strategy for using one?
1:12.5	And then number four, where to open a donor advised fund and then some really important
1:17.8	things to look out for.
1:19.6	We're going to be talking about a lot of tax-related things today.
1:22.6	And I just want to remind our listeners that this is purely for educational and informational
1:26.8	purposes only.
1:28.3	This is not advice. It's critical that you talk to your tax preparer and trusted advisors
1:33.2	before taking any action. For all the links and resources mentioned in this episode,
1:38.5	visit you staywealthy.com forward slash 50.
1:46.4	As mentioned at the beginning of the show, 90% or more of Americans will now be claiming
1:51.1	the standard deduction.
	...

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