The minimum age to have an account on Daffy for Families is 13 years old. This is a great feature as it allows teenagers to start learning about philanthropy at a young age. They can add their favorite causes and choose which charities to support. When they submit a donation request, the organizer of the fund, typically a grandparent, parent, or another adult, receives all the donation details. Once the donation requests are approved, all family members in the fund are notified.
Daffy for Families is designed to help families give together more easily. It allows up to 24 family members under one fund, making it a great option for multi-generational families. Each family member gets their own secure Daffy account, allowing them to follow the charities that are most meaningful to them, request donations for approval, and receive notifications whenever anyone in the family makes a new donation.
Unlike traditional donor-advised funds, Daffy does not charge fees based on a percentage of assets in the fund, nor does it charge fees on contributions or donations. Daffy for Families is available at a simple, flat membership fee of just $5 a month, per family. This makes Daffy a cost-effective and user-friendly option for families looking to manage their donor-advised fund.
In addition, Daffy takes the privacy of children seriously. For anyone under 18, profiles are automatically set to private, meaning that only members of their family fund can see their donation activity. This ensures that while teenagers are learning about giving, their privacy is also being protected.
In conclusion, Daffy for Families is a great option for a donor-advised fund. It's user-friendly, cost-effective, and designed with the needs of families in mind.
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.