by Robert Heuermann, Executive Director
It’s not too soon to start thinking about your 2020 income taxes, or how charitable contributions may save you money next year and into the future.
One of the main ways we tend to give is directly from our savings or investments, but that may not be the best for you if you need income for retirement. You can have it both ways. A charitable gift annuity will let you make a charitable contribution to your cause, but still allow you to use the value of your assets to provide an annual return.
A charitable gift annuity begins with an outright charitable gift of a specified amount, which is combined with a fixed income annuity contract. Payments to you from this annuity can begin immediately, or they can be deferred for a period determined by you and set forth in the charitable gift annuity contract. When the annuitants (you, or you and your spouse) die, the remaining value of the annuity is then transferred to the church, school, or charities you’ve selected.
Finding a way to leave a legacy for your church, school or other charities is a noble goal that can bring lasting rewards to you and the institutions you care about. Knowing that you can make such an important gift while providing yourself with a reliable income is a powerful tool for planning your retirement or estate.
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This information is not intended to be a substitute for specific individualized tax advice. The information provided is based on our understanding of the laws and regulations currently in effect. Consult your personal legal or tax advisor with questions about your specific situation.