The 'Daffy for Families' feature is a unique and innovative tool designed to foster a culture of giving within families. It is a platform that allows up to 24 family members, including two organizers, to come together under one fund and contribute towards causes they care about. This feature is perfect for grandparents who wish to pass down the tradition of giving to their grandchildren, or aunts and uncles who want to connect with their nieces and nephews in a meaningful way.
One of the standout features of Daffy for Families is that it encourages the younger generation to participate in philanthropy. Anyone aged 13 and older can have their own secure account and password, and from there, they can request donations to specific organizations. These requests are then approved by the organizers of the family fund. This not only teaches them about the importance of giving but also allows them to actively participate in the process.
Unlike traditional donor-advised funds (DAFs), Daffy does not charge fees based on a percentage of assets in the fund, nor does it charge fees on contributions or donations. Instead, Daffy for Families is available at a simple, flat membership fee of just $5 a month per family. This makes Daffy an affordable and accessible option for families looking to establish a DAF.
Setting up a Daffy for Families account is straightforward. You simply sign up for Daffy, select “Family,” and provide family member details. Your family members are then invited to download the app, create their own account, and join your fund. Each family member will have their own Daffy account linked to their email address and connected to the family fund. They can then choose the causes they care about and follow charities they want to support.
In conclusion, Daffy for Families is a great option for a DAF. It is a platform that not only makes giving easy and accessible but also fosters a culture of philanthropy within families. It is a tool that can inspire meaningful conversations about giving and make a real difference in the world.
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.