Make a Gift that pays you Income for Life
A simple way to make a gift while ensuring retirement income
Annuities for Saint Joseph is Saint Joseph Abbey and Seminary College (SJASC) charitable gift annuity program, launched in late 2014, which offers a simple way to give to SJASC while still retaining a lifetime interest in the donated assets. A charitable gift annuity is an arrangement by which the donor executes a one-time cash gift (a minimum of $25,000 is our requirement) to SJASC in exchange for guaranteed payments for his or her life, or for the joint lives of the donor and the donor’s spouse. He or she then receives an income tax charitable deduction for the value of the donated assets less the present value of the annuity payments, based upon IRS tables. A percentage of each payment to the donor is excludable from income (i.e., tax-free) as a return of principle.
For example, assume a husband and wife, each age 70, transfer $100,000 cash to SJASC, in exchange for a charitable gift annuity payable until the death of the second of the husband and wife to die. SJASC will pay the couple $4600 per year (i.e., at the current rate of 4.6% return). In addition to the annual payment of $4600 (a portion of which will be received tax-free), the couple will receive an immediate charitable income tax deduction.
For more information, contact:
Leslie Tate, Director of Institutional Advancement
(985) 867-2235 • firstname.lastname@example.org
Because everyone’s situation is different, we encourage you to seek professional legal, estate planning, and financial advice before deciding on a course of action. This information does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice.