Life Income Gifts
Life income gifts, such as charitable remainder trusts or charitable gift annuities enable you to make a gift, and receive income for your life and that of another individual. There are several such life-income vehicles, each with its own advantages, and each can be tailored to your specific circumstances.
Life -income gifts bring donors many financial benefits:
- Income for life, either a guaranteed amount or a fixed percentage of the asset used to make the gift;
- A charitable income tax deduction;
- The possibility of tax-free income;
- Relief from capital gains taxes;
- A reduction in federal estate taxes; and
- Membership in the Eben Jordan Legacy Society.
The most popular planned giving vehicle for older donors who wish to make a modest gift (the minimum is $5,000) is the charitable gift annuity. Relatively high rates, based upon the age of the donor, make this an extremely attractive way to receive a fixed amount annually for life, some of which is tax-free. The annuity is guaranteed by a written contract. It is an excellent way to satisfy your charitable instincts, support Jordan and receive substantial benefits at the same time.
Because donors receive significant tax benefits from planned giving, individuals are often able to make a larger gift to Beth Israel Deaconess - Plymouth thatn is possible through an outright gift. In all circumstances, you are encouraged to contact the Philanthropy office at Jordan to discuss minimum gift levels. In contemplating a planned gift, you are also encouraged to consult your own estate planning team - your attorney, accountant, certified financial planner, as well as family members.
While you already may have created a will and, in some cases, have made a provision for Jordan, you may not be aware of the attractive benefits associated with life-income gifts. The Gift Planning Staff in the Philanthropy Office has the experience and expertise to help find the right fit. Balance is the key to all your decisions, and will ensure that you achieve what is best for you, your family, and Beth Israel Deaconess - Plymouth.
Contact us for more information on charitable gift annuities and other types of life income gifts.