KBBS principal Cameron Barsness spoke with Ben Mattlin of Financial Advisor Magazine for an article about donor-advised funds.
DAFs accept donations of cash, stock or other assets. All donations are irrevocable. The donor receives an immediate tax deduction, even though distributions to a charity or charities can happen years later.
Any growth in the account’s value is reinvested tax-free, but the donor must not profit from that growth or from the account in any way other than the tax deduction. The assets “cannot be used for personal benefit,” said Cameron Barsness of KBBS Financial in Seattle. “For example, a client cannot purchase an auction item at an annual charitable event [using] DAF funds.”
Read the full article at Financial Advisor Magazine.
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