A new report released on this year's philanthropic holiday known as Giving Tuesday details how the 'profit motives of the financial services sector have increasingly and disastrously warped how charitable giving functions.
The report's authors argue that DAFs are part of a wider “wealth defense industry” — tax lawyers, accountants, and wealth managers whose interests are more geared towards helping their clients increase assets, minimize taxes, maximize wealth transfer to descendants, and net some of those assets for themselves in the form of fees, as opposed to supporting charitable causes.
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