Charitable Gift Annuity
A charitable gift annuity is established when you make a gift to York College in exchange for a guaranteed annual, fixed dollar payment from the college. A gift to an annuity is irrevocable and may be made with cash or securities. Gift annuities involve transfer of an asset to the college and a signed document that describes the gift and the guaranteed income stream from it. Gift annuities may have more than one income beneficiary.
The annuity rate is based on the age of those receiving the income from the fund. Tax benefits include avoiding any capital gains tax and a current income tax deduction. A portion of annuity payments are treated as tax-free income.
- A “current” payment gift annuity begins making payments to beneficiaries the year the gift is made.
- A “deferred” annuity’s payments begin a minimum of one year after the gift is made. Deferred annuities may be appropriate for individuals who wish to take a current income deduction but do not need any resulting income until a later time.
For assistance or questions, contact Brent Magner at 402-363-5636 or at email@example.com.