Don and Lisa Dinger have always been generous people of their time, talents and financial gifts. Hard work allowed Don the opportunity to take an early retirement in 2020 which came with a financial finish that he knew may be a tax burden come April.
The Dingers have been active friends of the Luverne Area Community Foundation so a suggestion of a tax saving vehicle was presented to them called a Donor Advised Fund (DAF). This fund allows a donor to gift a sum of money to the foundation to be used for charitable giving in the future, in return lowering their tax burden with the added source of income for the fiscal year in which it was given. Don consulted his financial planner and a charitable gift amount was set to help offset the tax burden in the months to come. The gift to LACF now sits as a charitable savings account (DAF) for future advisement.
If you asked Don and Lisa how to get started with a Donor Advised Fund (DAF) at the Luverne Area Community Foundation they would tell you it is really easy. “Emily draws up the paperwork and goes through the legality of how it works. You make your first financial commitment of $5000 (minimum to start) and LACF takes care of the rest. We advise when and who we want to send gifts to from the fund. LACF has an online fund advisor portal that we access and tell them where we want to send gifts anywhere in the world” (charities must be recognized as a 501c3).
The Donor Advised Fund option at LACF has given Don and Lisa the opportunity to create a family legacy fund that starts with them and continues through their children. The family DAF is a growth fund so the money contributed will earn interest that they will also give to their favorite charities. It is the intention of the Dingers to add money to the fund for continued tax savings each year but more importantly for the opportunity to give back to their community and teach their children and grandchildren about helping others.
– Bob and Leah Crabtree