Testimonial - Mike Handrick
"I met with a referred husband and wife on December 22, 2016. They wanted to design philanthropic tools that would allow them to establish and fund scholarships for students who wish to earn a living with their hands. They both have a passion for supporting young students who want a career in welding, automotive mechanics and other trades. The husband had sold his partnership stake in a very successful mechanical contracting company in 2016 and was open to strategies that helped to reduce his 2016 taxable income. We discussed establishing a private foundation with $1 million but there was no time left in 2016 for that to happen.
I suggested that the best option might be to place $300,000 in a DAF with AEF in 2016, then establish a private foundation and fund it in 2017 upon their return from their winter location. The AEF DAF can be directed by the foundation as we will pair the two together to meet their goals. The new DAF also provided some tax relief in 2016.
This was the first AEF donor advised fund I set up and the folks at AEF could not have made this process simpler. They answered my questions promptly and provided me with the application and supporting process information which gave me the readiness level necessary to be able to meet my new client’s needs. We funded the DAF before the end of 2016 and am ready to move forward with the balance of the strategy in 2017. I’m grateful for the experience and expertise that the AEF group brings to the table. I have maximum flexibility and remain as the advisor of record by using the AEF donor advised fund model."
Handrick Planning & Handrick Insurance