The Power of Donor Advised Funds
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 10 June 2024
⏱️ 31 minutes
🧾️ Download transcript
Summary
If you regularly donate to your church or other charities, donor advised funds (DAFs) might be something you want to look into. These funds offer some big perks. First off, you get a potential tax deduction in the year you contribute, even if the money is given out to charities gradually. Secondly, you have the freedom to decide when to donate. This means if you're facing a high tax bill one year, you can contribute more to your DAF and then distribute it to your chosen causes over time. In today's episode, we'll explore how DAFs work and discuss a potential change that could affect them.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.6 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.5 | I'm your host, Devin. |
| 0:14.4 | Join today by my co-host, John K. Ross the 4. |
| 0:17.7 | Howdy. |
| 0:24.9 | Yeah. Hey, Ross the fourth. Howdy. John, we talk a lot to our clients about legacy. |
| 0:29.6 | That's kind of what your whole deal is, right? |
| 0:32.1 | Absolutely. |
| 0:32.5 | Is in helping someone make sure that in the end of years, |
| 0:36.2 | that things go according to a certain plan. |
| 0:39.3 | But even before that, there are certain aspirations that people have, right? |
| 0:45.2 | Not everyone wants to just give all of their money away when they die. |
| 0:48.6 | Some people want to give a little along the way. |
| 0:50.9 | Sure. |
| 0:51.6 | Now, here in the Bible Belt, and I'm sure in many other states as well, we have a lot of people who give to the church. True. Every Sunday. Yep. Usually, when I talk to someone and I ask them about charitable giving, it's either, yeah, we don't give that much, or it's, yes, we give to our church. And some people, they get real technical on this too. You know, they want us to do a |
| 1:12.6 | retirement plan. And in this retirement plan, we have a separate column that looks at their income coming |
| 1:18.8 | in. Some want to do it on their net income, some on the gross income, and literally have a |
| 1:23.2 | calculation every year for 10%. Absolutely. Or if this is the amount that I'm going to give that year, |
| 1:32.0 | because I've calculated it, then I want to do this tithe to my church. Other people, it may be gifting to different organizations, and for some, it's a combination of all of it. So what happens, |
| 1:37.1 | in many cases, I think is a lot of tax inefficiency. So occasionally, I have ran into someone |
| 1:42.8 | that says, you know, I want to give with an open heart. |
... |
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