Charitable Gift Annuities
A charitable gift annuity is a one-time gift in the form of cash or securities from you to The Chicago Lighthouse in return for an immediate charitable deduction and fixed income payments for the rest of your life.
The charitable gift annuity has been called “longevity insurance.” With ever-increasing lifespans, people want to ensure they do not run out of money at the end of life; a charitable gift annuity offers that assurance. No matter how long you live, you will continue to receive payments. In addition to enhancing your own financial security, you will have the personal satisfaction of providing for the future of The Chicago Lighthouse.
You (or your designated beneficiary) will receive checks (quarterly, semiannually or annually) from The Chicago Lighthouse that are:
- Fixed: Whether markets rise or fall, payments to you will always remain the same.
- Regular: Payments will always be delivered on time.
- Enduring: Whether you live to be 75 or 105, payments to you will continue for the rest of your life.
- Secure: Payments are guaranteed by law.
- Meaningful: Your support benefits The Chicago Lighthouse.
Tax benefits include an immediate income tax deduction for the annuity. Part of each annuity payment will be tax-free, part will be taxed at ordinary income rates and part may be subject to the applicable capital gains rate. For an estate otherwise subject to estate taxes, substantial estate taxes can be saved.
Is a charitable gift annuity right for you?
If you want to combine a gift to The Chicago Lighthouse with a secure life income and you need a tax advantage from your gift, then a charitable gift annuity may be right for you. A charitable gift annuity can be written for two lives, with the second person continuing to receive payments at the same rate as the first one.
Donors who might be interested in making a charitable gift include:
- Those who are financially conservative and would like a secure lifetime income
- Those who have illiquid assets which have little or no cash flow (e.g. stock with minimal or no dividends)
- Those who would benefit from a charitable tax deduction
- Those who are trying to plan financially
- Those who would like to receive something tangible back from The Chicago Lighthouse in return for their gift
In order to make a charitable gift annuity, you must be at least 60 years of age. When a deferred charitable gift annuity is being offered, you must be at least age 60 when the annuity payments begin. Gifts should be at least $10,000. Your primary residence must be in Illinois, and you must file your taxes in Illinois as well.
Contact us to receive a free, personalized illustration of rates, payments and tax benefits for a proposed charitable gift annuity (see below).
For more information, please contact: