Category: Donations
The Pros and Cons of Charitable Gift Annuities
In past articles, we’ve discussed the pros and cons of private foundations and donor advised funds, but there are other options that can help people support their favorite charity while also providing income for themselves as well. One option is a charitable gift annuity, which is essentially a contract between a donor and a charity. As the donor, you’d make a sizable gift to charity using cash, securities or possibly other assets, and in return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from the charity for the rest of your life. When you make a donation to a single charity, the gift is set aside in a reserve account and invested. Based on your age when you make the gift, or ages if it’s both you and your spouse, you’d receive a fixed monthly or quarterly payout for the rest of your life. Then, at the end of your life (again, as well as your spouse’s, if you’re giving as a couple), the charity receives the remainder of the gift. There are also many advantages to a Charitable annuity. For example, you receive an income stream for the rest of your life, you receive an immediate partial tax deduction, and there’s also the potential for part of the income stream to be tax free. Another great advantage is you can start the annuity with almost any kind of asset – including securities, property, or cash. You’ll also be able to reduce or even eliminate ca
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