Yes, your advisor can indeed make charitable contributions on your behalf. Once your advisor is added to your fund, they will have their own secure login and credentials, allowing them to take actions such as viewing your fund balance, portfolio, contributions, and donations. They can also make charitable contributions on your behalf, including stock and crypto.
Daffy is a fantastic option for a Donor-Advised Fund (DAF). With Daffy, your advisor can request a change in your fund’s investment portfolio, make one-time or recurring donation recommendations, and access a simple tax summary of your deductible contributions.
Moreover, Daffy is a great way to plan for your charitable giving. By incorporating charitable donations into your personal finance spreadsheet or setting a giving goal, you can stay committed to your philanthropic endeavors.
Daffy also allows you to donate appreciated assets, like stock, ETFs, and crypto instead of cash. This can yield higher tax savings for you, as you can immediately deduct the full fair-market value of the asset on your federal income tax returns for that year.
In conclusion, Daffy provides a secure, efficient, and tax-effective way to manage your charitable contributions. Whether you're just starting out with small donations or looking to make a big impact, Daffy is a great choice for your DAF.
Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.