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From DAFs to Charitable Trusts: Choosing the Right Path for Meaningful Philanthropy
As the giving season draws near, you may be wondering how to take advantage of charitable giving deductions on your tax return, make a greater impact with your donations, or weave philanthropy into your family’s legacy.
In this Off the Wall discussion, Monument’s Emily Harper will be hosting and interviewing our regular host, Jessica Gibbs, about all things charitable giving.
Are you wondering how to take advantage of charitable giving deductions on your tax return, make a greater impact with your donations, or weave philanthropy into your family’s legacy?
In this Off the Wall discussion, we’re changing things up. Monument’s Emily Harper, CFP® jumps into the hosting seat to interview Jessica L. Gibbs, CFP about all things charitable giving.
Jessica is Monument’s go-to thought leader when it comes to learning about philanthropy, both from the donor’s perspective and from the charitable organization’s perspective. In this episode, she shares her wisdom, including ways to strategize and maximize your charitable giving this year and beyond.
Jessica breaks down two types of charitable giving vehicles—donor-advised funds and charitable trusts—including when to consider each of them, and the benefits and drawbacks of each strategy.
Whether you’re ready to move beyond checkbook giving, hone-in on your philanthropic goals, or figure out a way to keep giving after retirement, this is an interview you don’t want to miss. And if you have a philanthropist in your life, you’d like to share the wealth with, consider sending them this episode.
Happy giving!
Episode Timeline/Key Highlights:
[00:52] Introducing the topic of today’s episode.
[02:28] Reasons why you should establish a dedicated vehicle for charitable giving.
[05:33] How donor-advised funds work & Benefits of using a DAF.
[11:45] Ways to use donor-advised funds in your legacy strategy.
[15:06] Downsides of donor-advised funds.
[18:35] What is a charitable trust? What is the difference between charitable trust and donor-advised fund?
[20:53] Benefits and disadvantages of using a charitable remainder trust (CRT).
[25:57] Benefits and disadvantages of using a charitable lead trust (CLT).
[28:22] Summary: When to consider a donor-advised fund, charitable remainder trust, and charitable lead trust.
[29:38] Major Takeaways: Name a successor, identify your motivation, and consider different ways to support your favorite organization(s).
[32:00] Resources + Tips for choosing charities to donate to & making a larger impact.
Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures.
Resources Mentioned:
Charity Navigator: https://www.charitynavigator.org
Listen to Becoming a Philanthropist & Non-Profit Board Member with Meera Pillai: https://bit.ly/4eRo0i8
Article- Donor Advised Fund vs. Charitable Trust: Maximizing Your Philanthropic Impact https://bit.ly/4illTGC
Article – 3 Charitable Giving Strategies That Deserve a Second Look: https://bit.ly/3G5V873
Connect with Emily on LinkedIn: https://www.linkedin.com/in/emilyharpercfp
Connect with Jessica on LinkedIn: https://www.linkedin.com/in/jessicagibbscfp
Subscribe to our blog: https://bit.ly/MonumentWealthBlog
Subscribe to Monument #Unfiltered: https://bit.ly/monumentunfiltered
Ch
Connect with Monument Wealth Management:
Visit our website: https://bit.ly/monumentwealthwebsite
Follow us on Instagram: https://bit.ly/MonumentWealthIG
Connect on LinkedIn: https://bit.ly/MonumentWealthLI
Connect on Facebook: https://bit.ly/MonumentWealthFB
Connect on YouTube: https://bit.ly/YouTubeMWMFit
Subscribe to Monument #Unfiltered: https://bit.ly/monumentunfiltered
About “Off the Wall”:
OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about.
Learn more about our hosts, Emily and Jessica, on our website:
Emily Harper, CFP: https://monumentwealthmanagement.com/staff/emily-m-harper-cfp
Jessica Gibbs, CFP: https://monumentwealthmanagement.com/staff/jessica-l-gibbs-cfp
View all episodes
By Monument Wealth ManagementAs the giving season draws near, you may be wondering how to take advantage of charitable giving deductions on your tax return, make a greater impact with your donations, or weave philanthropy into your family’s legacy.
In this Off the Wall discussion, Monument’s Emily Harper will be hosting and interviewing our regular host, Jessica Gibbs, about all things charitable giving.
Are you wondering how to take advantage of charitable giving deductions on your tax return, make a greater impact with your donations, or weave philanthropy into your family’s legacy?
In this Off the Wall discussion, we’re changing things up. Monument’s Emily Harper, CFP® jumps into the hosting seat to interview Jessica L. Gibbs, CFP about all things charitable giving.
Jessica is Monument’s go-to thought leader when it comes to learning about philanthropy, both from the donor’s perspective and from the charitable organization’s perspective. In this episode, she shares her wisdom, including ways to strategize and maximize your charitable giving this year and beyond.
Jessica breaks down two types of charitable giving vehicles—donor-advised funds and charitable trusts—including when to consider each of them, and the benefits and drawbacks of each strategy.
Whether you’re ready to move beyond checkbook giving, hone-in on your philanthropic goals, or figure out a way to keep giving after retirement, this is an interview you don’t want to miss. And if you have a philanthropist in your life, you’d like to share the wealth with, consider sending them this episode.
Happy giving!
Episode Timeline/Key Highlights:
[00:52] Introducing the topic of today’s episode.
[02:28] Reasons why you should establish a dedicated vehicle for charitable giving.
[05:33] How donor-advised funds work & Benefits of using a DAF.
[11:45] Ways to use donor-advised funds in your legacy strategy.
[15:06] Downsides of donor-advised funds.
[18:35] What is a charitable trust? What is the difference between charitable trust and donor-advised fund?
[20:53] Benefits and disadvantages of using a charitable remainder trust (CRT).
[25:57] Benefits and disadvantages of using a charitable lead trust (CLT).
[28:22] Summary: When to consider a donor-advised fund, charitable remainder trust, and charitable lead trust.
[29:38] Major Takeaways: Name a successor, identify your motivation, and consider different ways to support your favorite organization(s).
[32:00] Resources + Tips for choosing charities to donate to & making a larger impact.
Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures.
Resources Mentioned:
Charity Navigator: https://www.charitynavigator.org
Listen to Becoming a Philanthropist & Non-Profit Board Member with Meera Pillai: https://bit.ly/4eRo0i8
Article- Donor Advised Fund vs. Charitable Trust: Maximizing Your Philanthropic Impact https://bit.ly/4illTGC
Article – 3 Charitable Giving Strategies That Deserve a Second Look: https://bit.ly/3G5V873
Connect with Emily on LinkedIn: https://www.linkedin.com/in/emilyharpercfp
Connect with Jessica on LinkedIn: https://www.linkedin.com/in/jessicagibbscfp
Subscribe to our blog: https://bit.ly/MonumentWealthBlog
Subscribe to Monument #Unfiltered: https://bit.ly/monumentunfiltered
Ch
Connect with Monument Wealth Management:
Visit our website: https://bit.ly/monumentwealthwebsite
Follow us on Instagram: https://bit.ly/MonumentWealthIG
Connect on LinkedIn: https://bit.ly/MonumentWealthLI
Connect on Facebook: https://bit.ly/MonumentWealthFB
Connect on YouTube: https://bit.ly/YouTubeMWMFit
Subscribe to Monument #Unfiltered: https://bit.ly/monumentunfiltered
About “Off the Wall”:
OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about.
Learn more about our hosts, Emily and Jessica, on our website:
Emily Harper, CFP: https://monumentwealthmanagement.com/staff/emily-m-harper-cfp
Jessica Gibbs, CFP: https://monumentwealthmanagement.com/staff/jessica-l-gibbs-cfp