As founder of Advisory Group Associates’ Tax & Advisory firms, Frank L. Zerjav, Sr., CPA, shares solutions that deliver real value to clients located nationwide from offices located in St. Louis County, Missouri. Frank L. Zerjav, Sr., CPA, assists business and real estate owners, Professionals, Investors, entrepreneurs and individuals in a full range of professional tax and strategic tax and business advisory & planning services.
For many people of wealth, one of the most gratifying aspects of an extensive asset portfolio is the opportunity to support their favorite charities. However, charitable giving traditionally has one major drawback: once the funds have been donated, the donor has no further say in their use.
This has changed in recent years with the emergence of donor-advised funds, which reached a contribution total of $12.5 billion nationwide in 2016. In most cases, this vehicle begins with $5,000 or more placed into a fund managed by a respected financial institution.
Next, a qualified charitable organization is selected to receive the funds. The donor retains a certain amount of control on how the money is utilized, which helps assure the donor that the donations are going toward the intended use. One important caveat is that those who set up donor-advised funds cannot, by law, benefit from the donations they make.