Thank you for the informative video. I read about DAFs a week or so ago and your explanation was very informative. I think I might open one. A good person leaves an inheritance for their children’s children, but a sinner’s wealth is stored up for the righteous. Proverbs 13:22
Tay this video was so informative and its long been on my list to open a DAF. I JUST DID IT! 5 minutes and the Elizabeth Mills Foundation was established. Now I'm off to make money so I can give like a badass. Your videos are having an impact, thanks for putting them together. Hope you are well!
Why would you give up control of your donated assets to a bank? You need to look deeper into what you did legally. Read the lawsuits where banks have denied requests or sold assets against the donors perceived agreement. DAF's are a trap. Ask yourself this question, would you buy a home under the same agreements? I.e. in order to sell your asset/home you would need to 'advise' the bank of your suggestion and hope they sell your home. Think about
Tae thanks for your very informative presentation. I like the way you explain and especially appreciated the personal story. We have been with Vanguard and the minimums have kept us from using this tool so glad to hear about alternatives.
Seeing some videos say you must take a distribution from traditional IRA, in order to fund DAF with $ after tax. I thought your video said cash could be rolled over from traditional IRA to DAF? Is that only after age 70.5?
How do company matching donations factor in? Would companies match the donation to the DAF? If not, then it seems best to donate directly to nonprofit to get the matching donation.
Sorry! Hit send too early. DAFs can donate to any qualified charitable organization with a 501(c)(3) designation. But from my understanding, it cannot be used to benefit the donor or any family member of the donor.
Benefit #5 is actually the opposite. You clearly haven't read the fine print or don't understand the legal terms of your DAF. The ramification of your decision is you don't decide anything. You can advise the bank which charities you want to give to, but you've given up all control of your donated asset in a DAF. The bank has every legal right to deny your request for any reason they want. Fidelity charitable is now the largest charity in the US. Lastly, YOU have received all the benefit with your 501c3 tax deductible receipt. When times are good, sure you can give more. I'm curious how you feel about fidelity charitable net losses year to date on their balance sheet... all that money that could've helped people now.
