Balance your individual/retirement needs with your philanthropic interests. The Home for Life chartiable gift annuity can help you strengthen our sanctuary while providing a lifetime income stream for you, you and your spouse jointly, or someone else whom you designate.
There are several "real" benefits you will receive.
- Annuity rates are established at the date when your new annuity is created. The resulting payment remains fixed for the life of the annuitant(s).
- You are eligible to receive an income tax deduction (physically 40-60% of the contribution) for a portion of your gift.
- If the gift portion of your annuity exceeds the IRS contribution limit, you make carry forward the excess deduction for as many as 5 additional years.
- A portion of each payment you receive from your annuity is generally considered tax-free and not reportable on your income tax return.
- If you fund your annuity with appreciated stocks, bonds other assets, you may postpone reporting the capital gains; most often, this gain can be prorated over your life expectancy.