Nicholas Kulish, in their New York Times article, discuss a Senate bill that aims to change philanthropy laws. The article, “How Long Should It Take to Give Away Millions?,” includes the following commentary:
The billionaires, former government officials and academics gathered in a Manhattan conference room to brainstorm solutions to a problem they had all been working on from various angles: how best to update the laws governing philanthropy, most of which were half a century old.
Over sandwiches, sketching their ideas out on whiteboards, they discussed donor-advised funds, a kind of financial way station that allows givers to claim all the tax benefits of donations upfront while leaving the money parked with large firms like Fidelity Charitable or Schwab Charitable or with large community foundations like the Silicon Valley Community Foundation. Today, one out of every eight dollars bound for charities in the United States is channeled into a donor-advised fund.
To view the full article, click here: “How Long Should It Take to Give Away Millions?”
Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.