4 Easy Steps to a Gift That Supports Your Future and Ours
March 31, 2010
With a charitable gift annuity, you can make a gift that will help us achieve our goals for tomorrow while also supplementing your income today. And best of all, the set up isn’t complicated.
Step 1: Finalize Your Charitable Goals
Think about your goals for our future and then determine what you wish to support. You may either specify your gift to benefit a particular program or leave the gift unrestricted, allowing our governing board to use your gift for our most pressing needs.
Step 2: Determine Which Asset to Donate
You can fund your gift annuity with cash or you can use stocks, bonds or another asset—it doesn’t have to be straight-out-of-pocket. When making your decision, consider your asset’s fair market value and cost basis. Also, compare the asset’s income to the proposed gift annuity payments.
Step 3: State Who Should Receive the Payments
Gift annuities make lifetime payments you can never outlive. You can also provide payments for another individual—typically your spouse, but could also be a parent, adult child, family member or friend.
Step 4: Decide Your Payment Date
Your payments may begin immediately, or you can defer your payments into the future, such as five or 10 years from now. Deferring your payments benefits you by increasing your annual payout as well as your income tax deduction. You must also decide if you want to receive your payments quarterly, semiannually or annually.
Check Out Your Benefits
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The information in this Web site is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to income tax apply to federal taxes only. Federal estate tax, state income/estate taxes or state law may impact your results.