In a recent Wall Street Journal article by Tom Herman entitled “The 2020 Taxpayers End-of-Year Checklist,” Sidney Kess discusses the benefits of opening a donor-advised fund.
The article notes:
This is a popular, relatively simple and tax-smart way to donate to charity. It’s a “terrific” charitable-giving vehicle, says Sidney Kess, senior consultant at Citrin Cooperman and of counsel to the Kostelanetz & Fink law firm.
In a typical case, you can donate cash, securities or other assets to the fund, get a federal income tax deduction for that year (assuming you itemize your deductions), and then you can advise the fund to dole out gifts to your favorite qualified charities either now or whenever you decide in the future, Mr. Kess says.
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