The Gift That Keeps on Giving

Without fail, every December for the past 27 years, I have received requests at the last minute for a tax deduction to help offset income for the current year.  I follow up the request with two questions: how much would you like to contribute and to what would you like to make the contribution?  My questions are usually followed by a deafening silence and a true deer in the headlight look.

Charitable gifts are best not rushed, and I encourage clients to direct their charitable giving to causes in which they understand and have an interest.  Last minute charitable gifts and tax deductions often conflict with deliberate and purposeful giving.  Is there a solution?  Indeed there is a solution; the answer is a Donor-Advised Fund. [Read more…]