A Las Vegas-based tax consultant with a diverse entrepreneurial and financial background, Rich Kruithoff has served as the president and owner of Charitable Planning Services since 2016. He provides consulting services to CPAs on various tax planning issues. Additionally, Rich Kruithoff has presented on the topic of tax-saving measures for donor-advised funds.
A donor-advised fund is a suitable way to continue devoting charitable efforts to nonprofits regardless of the size of post-retirement income. An investor transfers cash, securities, or other assets to an IRS-qualified public charity through a donor-advised fund. After transferring an asset to a donor-asset fund, it can grow tax-free. At any point in the future, an investor may decide to donate the asset to one or more nonprofits.
Besides the tax deduction associated with contributing assets to donor-advised funds, the account also paves the way for seamless stock donations. Not all local charities can accept stock donations - donor-advised funds removes this concern. Investors can specify the amount of cash they want a beneficiary nonprofit to receive. Then, the charity handles the conversion.
Donor-advised funds offer several benefits for people who intend to pass on their philanthropic legacies to younger generations. Many sponsors provide a helpful account management option.
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