Creating a Charitable Legacy Through Donor Advised Funds

Donor advised funds (DAF) are the fastest-growing charitable giving vehicle in the United States. They are a simple, flexible, and tax advantageous way to give to your favorite charities. When you contribute cash, securities, or other assets to a DAF you are generally eligible to take an immediate tax deduction. Then those funds can be invested for tax-free growth, and you can recommend grants to any
eligible IRS-qualified public charity without any time limits.

To put this into perspective, Fidelity Charitable, the largest DAF in the U.S. helped make a record $11.8 billion in donor-recommended grants in 2023 to over 189,000 unique charitable organizations. Many DAF
owners want to leave a charitable legacy and have charitable bequests at death. One of the most popular ways is to name their chosen charity or charities as a “successor” or “beneficiary” on their DAF so that when the DAF account owner passes away those named organizations will receive their portion of the DAF account value. In you own a donor advised fund and wish to leave all or a portion of your DAF to a charity such as the Santa Barbara Maritime Museum, you can either log in to your DAF and add the charity or contact your DAF provider and they may be able to do it over the phone or direct you to the form to complete.

For more information on planned giving, please contact Santa Barbara Maritime Museum Executive Director, Greg Gorga by emailing ggorga@sbmm.org or by calling (805) 962-8404.