Donor advised funds (DAFs)1 and private foundations (PFs)2 are often compared and contrasted. Those individuals making the comparisons often quickly conclude that a DAF is the better choice. More and more, it seems that DAFs are becoming the reflexive recommendation of many advisors. Almost before a client describes her charitable desires—or how large the charitable funding will be—the advisor enthusiastically decrees: “The DAF is the right choice for you!” ...

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