Donating to a DAF or Private Foundation This Holiday Season by Knollmiller & Arenofsky, LLP

Knollmiller & Arenofsky, LLP provide clients the proper financial planning advice as to the methods of charitable giving.

Dec. 11, 2012 – At Knollmiller & Arenofsky, LLP located in Mesa, AZ, they provide comprehensive service in methods of giving to charity. With the holidays just around the corner, many charities will be accepting donations, small and large, which is why it’s important for clients to understand how and where their contribution can be made.

There are two different situations in which a client may benefit from their contribution: a donor advised fund (DAF) or a private foundation. The DAF is a lighter version of a private foundation in that it is easier for clients to set up and maintain. The basic principles include making a donation as low as $10,000 to specified organizations. In contrast, clients are able to donate to private foundations. This contribution is usually for clients who wish to give large sums of money requiring a minimum of $250,000 or more in initial contributions in order to maintain it. They are an independent legal entity which requires certain financial reporting as well as record keeping; however, the client will be able to control how the contributions are used.

Knollmiller & Arenofsky, LLP are happy to work with every client to ensure they choose the correct method of charitable giving. They will direct them to the proper guidelines and discuss the proper IRS rules to abide by before making implementations.

About Knollmiller & Arenofsky, LLP

Knollmiller & Arenofsky, LLP, founded by James G. Knollmiller, a Certified Tax Specialist under the State Bar of Arizona; provides clients with a full range of estate planning services. Their team has over 40 years of combined experience in the changing law and assisting individuals and families in planning for the future. They tailor every situation differently to individual clients regarding every estate planning need. For more information please visit: http://www.aboutestateplanning.com