Charitable Gift Annuity
A charitable gift annuity is a simple contract between you and the William Taylor Foundation. In exchange for your irrevocable gift of cash, securities, or other assets, the Foundation agrees to pay one or two annuitants you name a fixed sum each year for life. A gift annuity must be a minimum of $5,000 for an individual at least 60 years of age. A deferred gift annuity must be a minimum of $10,000 for individuals at least 50 years of age.
In most cases, part of each payment is tax-free, increasing each payment's after-tax value. If you give appreciated property, you will pay capital gains tax on only part of the appreciation. In addition, if you name yourself as an annuitant the capital gains tax will be spread out over many years rather than all be due in the year of your gift. Payments are usually made in annual, semiannual, or quarterly installments.
You will likely qualify for a federal income tax deduction. Note that deductions for gifts of long-term appreciated property will be limited to 30% of your adjusted gross income and gifts of cash and non-appreciated property will be limited to 50% of your adjusted gross income. You may, if necessary, carry forward unused deductions for up to five years, subject to the same 30% or 50% limitation.
The WTF cannot issue gift annuities with individuals living in California or Hawaii.
Ask for a personal proposal.