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Posted by Dave Dodson on December 13, 2007, 10:10 pm
I'm recently retired, living on Social Security and distributions from
my IRA, and own my house free and clear so that I don't have
sufficient deductions to itemize on my tax return. I'm a philanthropic
person, but for the first time in my life, my contributions are not
tax-deductible.
I am aware that Fidelity, Vanguard, and others have donor-advised
investment funds. Fidelity's is called the Charitable Gift Fund.
Apparently, you can donate to the fund, which is a recognized charity,
and choose among several investments to receive the funds. Then, you
can set up periodic or one-time gifts to the charitable organizations
of your choice.
The tax advantage seems to come if you donate several years' worth of
contributions at once, so that the total is large enough to
substantially exceed the standard deduction.
Scott Burns has written about Fidelity Charitable Gift Funds several
times, the latest at:
http://assetbuilder.com/blogs/scott_burns/archive/2007/11/30/fidelity-charitable-gift-fund-embraces-index-investing.aspx
Has anyone had any experience with a gift fund?
Dave
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