This gift is one of the most common and popular ways to make a planned gift that provides regular, consistent payments to you for life.
This gift is a contract agreement between you and Westminster College and may be established for one or two lives. The annual rate of payment is based on the ages of the income beneficiaries at the time the gift annuity is funded. A part of the annual payment would be tax-free for income tax purposes.
Charitable gift annuities can be funded with cash, appreciated securities or real estate.
Among your options, you may arrange to have the payments begin immediately, or to begin receiving payments on a specific date one year or more after the gift is made. Delaying the starting date for the payments increases both the charitable deduction and payment rates (since you are older when the payments begin, and the interest on the gift has increased the amount of money set aside). This is typically done to coordinate the payments with other retirement benefits.
Charitable Gift Annuity Benefits
- Fixed payments for life
- Higher rates-senior ages
- Income tax charitable deduction
- Bypass a portion of capital gains tax
- Opportunity to make a significant gift to Westminster College while receiving life income