Gift Annuities & Charitable IRAs
A gift annuity is an agreement between an individual and a charitable organization or institution.The donor transfers assets in return for fixed payments for the rest of his or her lifetime and/or the lifetime of another person
A gift annuity offers you a way to further causes you believe in while benefiting from one or more of the following:
- Lifetime payments that may be partially tax-free or taxed at lower rates than other income
- Income, gift, and estate tax savings
- Favorable treatment of capital gains
Gift annuities can help meet the needs of those who wish to give but want to make certain they have first provided for their financial needs and those of their loved ones. For information on gift annuity rates and benefits, contact Amy Viering at 815-835-6329 or firstname.lastname@example.org
Some taxpayers may encounter limits on the amount of charitable gifts they can deduct and may also see other tax benefits phased our as their incomes increase. Retired personals also may find that increases in income can cause more of their Social Security benefits to be taxed.
Congress has extended special provisions to help those age 70 ½ and older overcome these and other potential challenges to giving by allowing tax-free charitable gifts from and IRA.
It is again possible for those with traditional or Roth IRAs to make tax-free gifts directly to qualified charities. Donors may choose to make charitable distributions from their IRA up to a total of $100,000 this year. A couple with separate IRAs each can make gifts up to $100,000.
For rules and regulations on how to take full advantage of charitable IRAs, please contact Amy Viering at 815-835-6329 or email@example.com