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What is a Charitable Gift Annuity and is it Right for You?
When?
Friday, Dec 10
11:00AM - 12:00PM PST
Where?
Online
Description
A charitable gift annuity is a way you can make a gift to a favorite charity and receive fixed payments for life.
For retirees, gift annuities can sound like an attractive option for a tax deduction that provides the security of increased cash flow through fixed payments during your life. However like any investment option, there are many things to consider and the options can be confusing and daunting.
For retirees, gift annuities can sound like an attractive option for a tax deduction that provides the security of increased cash flow through fixed payments during your life. However like any investment option, there are many things to consider and the options can be confusing and daunting.
Fortunately we have an expert to help us understand the basics like what a charitable gift annuity is, types of annuities, how they work, some things to consider before deciding if one might be right for you, as well as questions to ask a charity.
Presenter: Phil Purcell, CFRE, MPA/JD; Consultant for Philanthropy, LLC; Adjunct Faculty, Indiana University Maurer School of Law and Lilly School of Philanthropy; President-elect of the American Council on Gift Annuities (ACGA), a nonprofit organization whose vision is to advance and promote responsible philanthropy.
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We know that many people are not familiar with Charitable Gift Annuities, so we are providing some background from the American Council on Gift Annuities (ACGA) to help you decide if this presentation might be of interest to you.
We know that many people are not familiar with Charitable Gift Annuities, so we are providing some background from the American Council on Gift Annuities (ACGA) to help you decide if this presentation might be of interest to you.
Who establishes gift annuities?
Most gift annuity donors are retired, want to increase their cash flow, seek the security of fixed payments that will not vary, and would like to save taxes. You can also establish a gift annuity for someone else. A charitable gift annuity might be appealing in the following circumstances:
- The interest rate on a CD or other fixed-income investment is low and you would like to increase your cash flow.
- You own appreciated stock or mutual fund shares, have considered selling some of the shares and reinvesting the proceeds to generate more income, but don't want to pay tax on the capital gain.
- You would like fixed payments that are unaffected by interest rates and stock prices and which you cannot outlive.
- You want to assure the continuation of payments to a loved one without the delay of probate proceedings and in a tax-efficient manner.
How is the amount of the annuity determined?
The payments under a gift annuity contract vary by the age of the annuitant—generally speaking, the older the annuitant, the higher the rate.
Charitable gift annuity rates are lower than those offered by insurance companies. If you want to maximize the amount of income you will receive over your lifetime, you might be better off purchasing a commercial annuity. But if you would like to make a charitable gift, receive an income tax deduction while also receiving fixed payments for life, a gift annuity might be a great fit for you.
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