Kimberly Lankford - Charitable Giving Is A Family Affair

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I’D LIKE TO SET UP A DONOR-ADVISED fund so my family can contribute to charities as a group. Does one person have to control the fund, or can several family members donate to it and get a tax break for the contributions?

E.G., BALTIMORE

The fund can be controlled by one or more people. Anyone named on the account can recommend grants, and anyone can make tax-deductible donations.

Setting up a donor-advised fund is a great way to get your family involved in philanthropy, teach your kids and grandkids about giving, and build a charitable fund that can last for generations. Some parents start by controlling the fund themselves but have their children research charities and present their ideas at a family meeting. Parents may add the children to the account as they get older so they can make grants.