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Leveraging donor-advised funds for charitable giving

 

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Please see important information at the end of this video.

 

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Donald Greene

National Donor-advised Fund Executive

Bank of America Private Bank

 

Charitable giving is a critically important part of most of our clients’ lives. They give their time, they give their leadership, and they give their financial resources. Not only looking to affect the causes and the organizations they care most about, but really make the world a better place.

 

A donor-advised fund, also known as a “DAF,” is a personal charitable giving account that families can use to make the most of their giving.

 

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●     Get an immediate tax deduction

●     Decide when to give from the fund

●     Choose charities and how much to give

 

They can make irrevocable gifts into their account and secure a tax deduction for the timing of that gift, but then determine what the right timing is for you to spend those dollars out over time. Which charities, which causes, and in what amounts.

 

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Donate hard assets

 

So clients contribute all different types of assets including complex and hard assets such as real estate or property without having to liquidate or sell them first.

 

A donor-advised fund allows you to invest your account and potentially grow it over time, giving you more resources to give away. It also gives you the opportunity to align your giving strategies and the values you have to your investment approach.

 

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Give as a family

 

DAFs are a wonderful way for families to work together as they do their charitable giving. Have a chance to talk about why they give, what causes they give to, the importance of giving, and making sure that that value becomes one that’s embedded in the family structure and not an independent exercise.

 

Clients have long-standing relationships with their advisor teams, understand all of the opportunities and planning needs that they’re working towards. What our model allows us to do is work with a dedicated donor-advised fund team and those advisors and clients to make sure that the context for the charitable giving is within that broader spectrum of the goals that they’re after.

 

The Bank of America Charitable Gift Fund helps clients focus on what’s most important about their charitable giving; making a difference in the world.

 

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What would you like the power to do?®

 

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Disclosure:

Recorded on November 17, 2022.

 

Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.

 

Bank of America, its affiliates, and advisors do not provide legal, tax or accounting advice.  You should consult your legal and/or tax advisors before making any financial decisions.

 

Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.

 

Merrill Lynch, Pierce, Fenner & Smith incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp”).  MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

 

Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of BofA Corporation.

 

Donor-advised fund management is provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp."). Trust, fiduciary, and investment management services are provided by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A. and its agents. Brokerage services may be performed by wholly owned brokerage affiliates of BofA Corp., including Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill"). Merrill is a registered broker-dealer, a registered investment adviser and Member SIPC.

 

Investment products:

 

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

 

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