If you would like to make a donation to Easterseals, supplement your income during your retirement years and qualify for tax benefits, consider establishing a charitable gift annuity.
How It Works
You make a donation and we, in turn, agree to pay a fixed amount each year for life to you alone or to you and another person you select. The rate of payment is set at the time of your gift and doesn’t fluctuate with the stock market, interest rates or inflation. After the lifetimes of the people receiving payments, the remaining balance is used to support the mission of Easterseals.
Your Benefits
- You have potential to receive increased disposable income.
- You are eligible for an income tax charitable deduction for a portion of the gift, when you itemize.
- A portion of your payment is income tax-free throughout your estimated life expectancy.
- Any long-term capital gains income can be reportable over your life expectancy, in most cases.
- After your lifetime, the remaining portion of your gift will support our mission, helping to fulfill your charitable goals.
- And now, you can fund your gift using your IRA assets. If you are 70½ and older, you can make a one-time election of up to $53,000 to fund a gift annuity. While your gift does not qualify for an income tax deduction, it does escape income tax liability on the transfer and count toward all or part of your required minimum distributions.
Steps to Take to Make Your Gift
- Determine which asset to donate. You can fund your gift annuity with cash, stocks, bonds or possibly another asset.
- State who should receive the payments. You can receive payments for life, or you can provide payments for another individual.
- Decide your payment date. Your payments can begin immediately, or you can defer the start of your payments into the future. Deferring your payments can increase your annual payout as well as your income tax charitable deduction.
- Contact at Easterseals to help you determine, with your financial advisors, if a gift annuity is right for you.
