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Related Questions
Are there any tax implications to consider when using Fidelity Charitable's donor-advised fund? Yes, there are significant tax advantages to using Fidelity Charitable's donor-advised fund, including immediate deductions for contributions, potential capital gains tax savings on appreciated assets, and the ability to minimize estate taxes through strategic charitable planning. Donors should consult their tax advisor for personalized guidance.
How can I open a donor-advised fund account with Fidelity Charitable? To open a donor-advised fund account with Fidelity Charitable, you can visit their website at fidelitycharitable.org and click on the "Open an Account" button. You will need to provide personal information, select your investment options, and make an initial contribution to fund your account.
What are the benefits of using Fidelity Charitable? There are several benefits to using Fidelity Charitable, including the ability to consolidate all charitable giving into one account, the potential for tax savings through immediate deductions and strategic grant-making, and access to a wide range of investment options to grow charitable assets over time.
What types of assets can I contribute to my donor-advised fund account? You can contribute a variety of assets to your donor-advised fund account, including cash, publicly traded securities, privately held assets, real estate, and even virtual currency. Fidelity Charitable accepts a wide range of assets to help donors maximize their charitable impact.
What is Fidelity Charitable? Fidelity Charitable is an independent public charity that offers donor-advised funds to individuals, families, and businesses looking to increase the impact of their charitable giving. Donor-advised funds allow donors to contribute assets, receive immediate tax deductions, and recommend grants to their favorite charities over time.
What fees are associated with using Fidelity Charitable's donor-advised fund services? Fidelity Charitable charges an administrative fee based on the account balance, which covers the costs of managing the donor-advised fund, processing grants, and providing donor support. The fee structure is transparent and competitive, ensuring that the majority of charitable dollars go directly to support causes.
Can I recommend grants to international charities through Fidelity Charitable? Yes, you can recommend grants to international charities through Fidelity Charitable, as long as they are qualified charitable organizations recognized by the IRS. Fidelity Charitable can facilitate grants to a wide range of international causes, allowing donors to support global efforts and make a difference around the world.
How does Fidelity Charitable work? Fidelity Charitable works by opening a donor-advised fund account for donors, who can then contribute cash, securities, or other assets to the account. Donors receive an immediate tax deduction for their contributions and can recommend grants to qualified charities at any time. Fidelity Charitable handles all administrative tasks, including record-keeping and tax reporting.
How does Fidelity Charitable ensure that my grants are distributed to qualified charities? Fidelity Charitable has a thorough due diligence process in place to ensure that grants are distributed to qualified charities that meet all legal and regulatory requirements. They conduct reviews of potential grantees, verify their tax-exempt status, and monitor their compliance with charitable laws.
Can I involve my family in my donor-advised fund account at Fidelity Charitable? Yes, you can involve your family in your donor-advised fund account at Fidelity Charitable by appointing them as successor advisors or granting them access to recommend grants. This allows families to make giving decisions together and pass down a charitable legacy to future generations.