This story originally appeared in the October 2025 issue of Palm Beach Illustrated
By Joe Pye
Earlier this year, Bill Gates announced plans to give away $200 billion over the next two decades. “There are too many urgent problems to solve for me to hold onto resources that could be used to help people,” Gates wrote in an online note.
Gates isn’t the only billionaire to recently commit to significant philanthropic donations. Warren Buffett, MacKenzie Scott, and Michael Bloomberg have all pledged to donate a substantial portion of their wealth.
But altruism isn’t reserved for the famous. Organizations like the Community Foundation for Palm Beach and Martin Counties connect residents with local charities and philanthropic initiatives that align with their values. The Community Foundation offers a variety of charitable fund options, to include donor-advised funds (DAFs).
A DAF is a charitable giving vehicle that offers a simpler, more flexible alternative to a private foundation. You can make tax-deductible contributions of cash, securities, or other assets, which grow tax-free and can be granted to IRS-qualified charities over time.
Some DAFs allow you to recommend investment strategies through your financial advisor or choose from options provided by the sponsoring organization, such as a community foundation. Benefits include immediate tax deductions, potential for anonymous giving, and less administrative burden than traditional foundations.
“The donor-advised fund is the fastest-growing charitable vehicle in America,” says Mary Katherine Morales, vice president for philanthropic services at the Community Foundation for Palm Beach and Martin Counties. “Families can still have dynamic succession planning, but they can also benefit because a DAF has different regulations compared to a family foundation.”
