Charitable Gift Annuities

 

Supporting the academic, social and emotional needs of twice-exceptional people is important to you but making sure your future is financially secure is just as important. Now you can achieve both objectives with a charitable gift annuity.

 

A charitable gift annuity is an agreement between you and The Crisman School in which you make a gift and, in turn, we pay you a fixed amount each year from the investment you made. Immediate annuities are eligible to people ages 60 and older, while deferred annuities can be created for those ages 50 and older, with payments beginning at age 60 or older.

 

Deferred charitable gift annuity

Like a standard charitable gift annuity, this method allows you to postpone the first payment to a date of your choice. At the time of your gift, you still receive an immediate tax deduction, but you can choose to defer the start of income payments you receive from Crisman.

Many people like this option because it allows them to save money for future expenses or plans, such as retirement. This is also a great option if you’re someone who wants to support The Crisman School and put away funds for the future of your children and other loved ones.

Benefits to you:

  • Receive an immediate income tax deduction.
  • Potentially reduce your taxes by removing assets from your estate to fund important research.
  • Set aside funds to be used at a future date.
  • Benefit yourself or your heirs with steady income.
  • Gain the satisfaction of knowing you are helping GTE people with your gift.

 

There is also the option to make a gift by setting up a flexible annuity, which is much like a deferred annuity, but you do not need to establish the date of first payment at the time you make your gift. Instead, you give yourself the flexibility to finalize the date closer to the time of payment. This allows you to consider the timing of other events in your life, particularly retirement.

Designating the beneficiary of a charitable gift annuity

Often, we are asked if someone other than a donor themselves can benefit from a charitable gift annuity. The answer is yes. You can choose to name another party to receive income from your annuity for their lifetime. For some donors this means benefiting parents, siblings, friends or employees.

Specifications can be made to ensure you and the other party are paid simultaneously, or on a contingency basis. Many married couples prefer a simultaneous payment in which the full annuity amount is paid to the surviving annuitant after their spouse’s lifetime.

Please be sure to consult your financial advisor to see which is best for your situation.  May we suggest Bruce Cammack at RBC Wealth Management. 

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If you are interested in supporting a specific project, program or area, it is best to discuss your plans with our development staff before completing your will to confirm Crisman can carry out your wishes.

To turn your passion for helping the twice-exceptional into a lasting legacy, contact us at 903-758-9741.for more information about legacy giving.

The Crisman School is a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code, and contributions made to it are tax-deductible to the extent permitted by law. The purpose of these web pages is to provide general educational information about charitable gifts, financial considerations and estate planning. They are not intended as legal, accounting or other professional advice. For assistance in planning charitable gifts with tax and other financial implications, the services of appropriate advisers should be obtained. Consult an attorney for advice if your plans require revision of a will or other legal document.