BILLIONAIRES: Have fancy foundations.
YOU: Can open a donor-advised fund to spread your giving over time.
The ultrarich love the prestige of foundations, and the tax benefits don't hurt either: Foundation benefactors get giant upfront tax deductions, plus the ability to keep making charitable gifts for years to come. You can get many of the same benefits with a donor-advised fund.
Brokerages such as Vanguard, Fidelity, or Schwab offer donor-advised funds, or you can set one up through a religious group, university, or community foundation, which is a nonprofit or trust that pools the money from many donor funds to support local charities.
When you open an account -- $5,000 to $10,000 is typically the minimum you can take an immediate tax deduction for the full amount of your gift. The money then grows tax-free, and you direct the fund to donate on your behalf whenever you like.
Brokerage-based funds tend to have the lowest fees and minimums and the widest selection of charities you can support (see the table above); a community foundation will offer more advice and know about local needs, says planner Benton. You can find community foundations in your area at the Council of Foundations website, cof.org.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.79%||3.76%|
|15 yr fixed||2.99%||2.96%|
|30 yr refi||3.80%||3.74%|
|15 yr refi||2.99%||2.96%|
Today's featured rates:
Nike is opening up shop on Amazon.com and the company plans "big shifts" over the coming year. More
Proposing big tax cuts is much easier than figuring out how to pay for it all. Offsetting the cost of cuts will be one of the biggest hurdles for Republicans. More
London's transport authority said Friday that will not renew Uber's license, saying the company is not "fit and proper." More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More