Using Donor Advised Funds to Meet Philanthropic Goals
Jim ’66 and Margot Durkin
Jim Durkin and his wife, Margot, believe deeply in supporting excellence in education. Jim is a devoted member of the Class of 1966 and Margot has recently retired from a long and distinguished career in education as a Chief Advancement Officer and as Head of School. Jim is happy to share how they have planned to continue to support education through their estate plans.
"My wife Margot and I have incorporated planned giving into our financial plan through the use of a Donor Advised Fund (DAF) and life insurance. We make gifts to the DAF and we pay premiums to the DAF for life insurance policies owned by the DAF. We get a tax deduction for payments to the DAF, including the insurance premiums. At my death our "gift" will be paid into the DAF from insurance proceeds. A portion of that will go to Gonzaga, a portion to Margot's alma mater, the Academy of the Holy Cross, some to other charities we support, and some to be distributed by our children, to further guide them in philanthropy. Our situation is such that while we could allocate funds to charity as part of our testamentary planning, doing it through this manner gets us a current tax deduction and gives us assurance that the gifts to charity will be there when we have gone."
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.