You make gifts, and get an immediate tax benefit. Then you recommend grants to charities of your choice: We vet the nonprofits, write the checks, and handle the paperwork. While the recommendations can’t be binding (under IRS rules, our board has the final say), we take your suggestions very seriously.
You can name other advisors who may join or succeed you in recommending grants. As soon as we have your fund agreement and gift, you and those you appoint can start making suggestions. Of course, you can change who can make suggested grants from your fund.
Brothers James D. Brown III, Charles A. Brown, Stuart D. Kim-Brown, and Douglas E. Wood-Brown found themselves at a cross-road when their father James D. Brown, Jr. wanted to leave them with distributions from his revocable trust and from his IRA, and create a private foundation. They didn’t have the time, expertise or resources for that option so as a result of cy pres relief granted by the Surrogate’s Court of the State of New York, we helped them create the donor-advised fund of James D. Brown, Jr. Fund instead. The four brothers grew up on Long Island but now live across the country, and this fund keeps them communicating about their family values.