PSA Thursday – Your Complete Guide to Donor Advised Funds

Welcome back to PSA Thursday, a mostly-weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic.

In this episode, we cover what donor-advised funds are, how they work, how to open one, and the benefits of including a donor-advised fund in your financial plan or giving strategy.

Here’s what we discuss:

• The functionality of a donor-advised fund
• Reasons why you’d want to open one
• A step-by-step overview of getting started with a donor-advised fund
• The tax strategies you can employ
• The tax benefits of a donor-advised fund
• Why a donor-advised fund is a convenient, hassle-free way to donate
• The potential downsides and considerations to make beforehand
• Minimum requirements to open a donor-advised fund with Vanguard, Fidelity, and Schwab
• The fees associated with the account
• How to maximize the impact that you make with your contributions

Resources Mentioned:

• Episode 207 with Sophia Bera
• Five Principles to Boost Your Impact | Schwab