Donor-advised funds??

[WDE91]

Does anyone here have any experience with Donor-advised funds?
Wanting to donate money to some hunting causes and the local pound in coming years.

 

[MattB]

I know very little about DAF's, but did some work with this firm prior to retiring from banking. Interesting concept. They help us "little people" manage the periodic donations that build over time prior to the funds being donated to the non-profit/s of your choice.

Daffy, the Donor-Advised Fund for You™

Daffy makes giving a habit. Daffy is a modern financial platform for giving—set money aside, watch it grow tax-free & donate to 1.5 million charities.

daffy.org

 

[fwafwow]

Does anyone here have any experience with Donor-advised funds?
Wanting to donate money to some hunting causes and the local pound in coming years.

Yes. What’s your question(s)?

 

[SDHNTR]

Yes, I have clients use them regularly. Can be a good option for multiple “smaller” donations. For large planned giving or legacy planning, there are better options.

 

[WDE91]

Is Fidelity the go to outfit for DAFs?

 

[fwafwow]

Is Fidelity the go to outfit for DAFs?

I don't know about "go to" but it's one of the biggest. This article is pretty decent as an overview of DAFs - https://www.morningstar.com/articles/1039795/pros-and-cons-of-donor-advised-funds

Based on your limited first post, here are a few things to think about. First, unless you are seeking to front-load the donations for tax purposes, it may not be best to use a DAF. Second, your ability to designate where the funds go in the future is limited to public 501(c)(3) charities. Finally, your designation of public charities is merely a request - you don't have the *right* to force the DAF to send money where you direct. If, for example, Fidelity (or any DAF) has (now or in the future) a restriction on supporting hunting causes, you may not be able to convince them to use the funds as you intend.

 

[SDHNTR]

I don't know about "go to" but it's one of the biggest. This article is pretty decent as an overview of DAFs - https://www.morningstar.com/articles/1039795/pros-and-cons-of-donor-advised-funds

Based on your limited first post, here are a few things to think about. First, unless you are seeking to front-load the donations for tax purposes, it may not be best to use a DAF. Second, your ability to designate where the funds go in the future is limited to public 501(c)(3) charities. Finally, your designation of public charities is merely a request - you don't have the *right* to force the DAF to send money where you direct. If, for example, Fidelity (or any DAF) has (now or in the future) a restriction on supporting hunting causes, you may not be able to convince them to use the funds as you intend.

Good advice. My suggestion is to open the DAF with the firm that you already invest/bank with. One of the mistakes I see people make often is having various accts spread out all over the place. That is not diversification. All it does is make for a nightmare of a job for your heirs to mop up your affairs after you're gone.