On September 14, 2021, Catholic Law Professor Roger Colinvaux was featured as a panelist on the American Bar Association’s (ABA) Professors' Corner, a monthly webinar that features a panel of law professors, discussing recent cases or issues of interest to real estate or trust and estate practitioners and scholars. Colinvaux and Professor Ray Madoff, Boston College Law, spoke with moderator Rene Morency, Consortium for Graduate Study in Management, regarding proposed legislation on Donor Advised Funds.

Professors’ Corner
Date: September 14, 2021
Professors' Corner: Regulating the Time to Give Away Millions: Proposed Legislation on Donor Advised Funds

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The promise of philanthropy is that the wealthy would enjoy tax breaks for their charitable contributions. However, Donor Advised Funds, (“DAFs”) can accept and hold charitable donations that have generated a federal income tax deduction, but never devote the resources to charitable work. Currently, DAFs have more than $140 billion set aside for future charitable gifts, but there is no requirement to distribute these funds. A Senate bill, the Accelerating Charitable Efforts (ACE) Act, aims to change that by establishing a timeline for donations to working charities from DAFs. Whether the legislation will work to ensure that these funds find their intended beneficiaries remains to be seen. The panelists will discuss the impetus for the ACE and its hoped-for efficacy. They will also offer some insight on the impact of the measure on charitable giving and benefits.

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Click here to watch Colinvaux on Professors’ Corner.