For David and Rachel Weidman there are two primary motivations for philanthropic giving: First, because everything is a gift from God, each person is responsible to use God's gifts appropriately. Second, giving brings joy by deepening gospel understanding. Now the Weidmans want their six children to know the joy of giving, too.
To involve their family in giving and to simplify the giving process, David and Rachel chose to manage their giving through a donor-advised fund.
DAFs are charity-owned accounts to which donors can contribute and from which charitable grants are made. Donors make recommendations to the charity as to where and when charitable grants are made from the account, but the charity retains exclusive legal control over the account. There are also tax and planning advantages to using DAFs.
Building Church and family
"This is not a one-generation legacy but a multigenerational legacy," says David. "We are trying to help build the kingdom and bless lives, and the donor-advised fund provided a way for our family to help more and more people for many years to come."
The Weidmans contribute to a DAF at Deseret Trust Company (see www.daf.deserettrust.com). Deseret Trust Company is owned and operated by The Church of Jesus Christ of Latter-day Saints and provides trust services to those who wish to help sustain the Church and its related entities, including Brigham Young University.
"We had considered donor-advised funds at a number of other charitable estate planning institutions, but working with Deseret Trust has been superior for us," says David. "The people there are aligned with our values, they are responsive, and the fees and projected returns are very competitive. We feel great about having an account with Deseret Trust."
Using a DAF has been beneficial for the Weidmans. Last Christmas they sat down with their children to discuss giving and how to distribute a portion of their account. "Doing this together has been a unifier in our family and has helped us teach values," says Rachel.
Several members of the Weidman family, including David and Rachel, are BYU alumni, and the university is among the causes they choose to support.