Gifts That Pay Income For Life: Charitable Gift Annuities and Charitable Trusts
You may also provide generous support to African American Planning Commission and enjoy lifetime income and significant tax benefits by establishing a charitable gift annuity or charitable trust.
A charitable gift annuity is a great gift plan to consider if you want to support the future of African American Planning Commission and not give up the income you currently receive from your assets. A fixed payment stream is paid to you for your lifetime (may be joint lives) at a very attractive rate. The rate is dependent on your closest age at the time you make the gift. In addition, a portion of each year’s annuity is tax-free income for a number of years and you may be able to deduct a portion of the gift as an income tax charitable deduction.
If you are trying to project future income needs, perhaps for retirement, you may be interested in a deferred payment gift annuity. This option allows you to know today what annuity payment you can expect to receive at a given time in the future. Also, you receive a current income tax deduction. This plan can help you supplement your retirement income without the savings limits imposed on deferred retirement vehicles.
Age and gift amount restrictions do apply. To speak with a member of our planned giving staff to request a complimentary, no-obligation gift illustration, please contact Matthew Okebiyi, CEO, at (718) 218-8216 or firstname.lastname@example.org.
There are also several types of charitable trusts that may be of interest as you consider your objectives.
A charitable remainder annuity trust (CRAT) is an irrevocable trust that typically provides income to one or two beneficiaries, the remainder going to charity. The donor specifies in the trust document how income is to be determined. You may add funds to your trust whenever you like. Each year, a fixed percentage of the trust’s current value is paid to your income beneficiaries.
With a charitable remainder unitrust (CRUT), a fixed amount of the fair-market value of the trust, determined annually, is paid out. The amount paid will vary with the investment performance of the trust.
Through a charitable lead trust (CLT), you can provide for the future transfer of assets to your heirs in a tax-efficient manner, while providing investment income to African American Planning Commission for a set period of years.
The financial benefits of charitable trusts may include a federal income tax charitable deduction, reduced and deferred capital gains tax on appreciated property, reduction of your taxable estate, and enhanced cash flow. If you are considering a charitable trust as a way to leave a legacy for organizations that you care about, African American Planning Commission would be pleased to assist you and your advisors as you decide which type might work best for you.
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