Buy Time to Make Charitable Contributions for 2009

A donor-advised fund lets you take a tax deduction now and make your giving decision later.

I would like to make some charitable contributions in 2009, but I haven’t had time to research the charities yet. I heard that a donor-advised fund can give you extra time to make charitable contributions for the year. How does this work, and is it too late to open one of these funds?

A donor-advised fund can be a great way to buy extra time to make decisions about your charitable contributions, and it’s not too late to open an account and get a charitable deduction for 2009.

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Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.