My Legacy Planner Insights
Charitable Gift Annuities
A charitable gift annuity (CGA) is a simple arrangement which provides financial benefits to individuals (donors) and charitable organizations.
A simple contract specifies the value of the cash and assets contributed by the donor, and the terms of the guaranteed lifetime income paid to one or two individuals, usually the donor and a spouse. The income paid to the individual(s) are in the form of a guaranteed fixed payment (a lifetime annuity). The donor also receives a charitable deduction that may reduce their income taxes. After the individual(s) pass away, the assets are available to support the mission of the charity. Generally the annuity rate paid to the individuals is based upon the guideline rates suggested by the American Council on Gift Annuities. Sometimes the donor accepts a rate that is lower than the guideline, providing the donor with a larger charitable deduction and the expectation of producing a larger future benefit for the charity.
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