Assisting Others with Charitable Gift Annuities

Here are some frequently asked questions on how charitable gift annuities might be used to help family members and others.

Q: Is there some way I could use a gift annuity to help support my mother (she's 77) and have the payments come to me after her death?
A: You can establish a two-life “survivorship” annuity that would provide a lifetime income to your mother and a charitable contribution deduction for you this year.  When your mother dies, the payments would continue to you for the rest of your life.

Q: Can I arrange a gift annuity for a family friend?  She is actually our part-time housekeeper and is getting ready to retire.   I would like to do something for her and a worthwhile cause, as well.

A: Gift annuities can be an important supplement to anyone’s retirement income, including friends and family members.  The friend will receive annual payments for life, but you will receive the charitable deduction.  It’s best to fund such annuities with cash, for best tax results.

Q: My son has not done a good job of saving for retirement and, candidly, is not a very good money manager.  This concerns me.  Could a gift annuity be helpful?

A: You could provide your son with a good retirement income, and money management as well,  through a deferred payment gift annuity that would start paying him at age 65 (or some other age).  You would be entitled to a significant charitable deduction.


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Copyright © R&R Newkirk. All rights reserved.

 


Contact Information

Joe Woodward
Director of Institutional Advancement
(909) 482-5220
jwoodward@webb.org

 



The materials contained on this website are intended only to show some ways by which you can make a charitable gift or bequest and thereby minimize federal tax liabilities, as authorized by the Internal Revenue Code. All examples are of a general nature only and should not be applied to your specific situation without first consulting your attorney or other advisers.