Charitable Gift Annuities
Provide for the Future
As the seasons change, you may wonder what you can do to make the most
significant difference for yourself and your family for the future. Many feel
that deciding to establish a charitable gift annuity was one of the best
decisions of their lives. Wayne Updike knows firsthand:
 My
wife, Mary, and I seriously tried to be good stewards throughout our 55
years together. Mary died at the end of 1999, and I continued alone. A
debilitating stroke forced me to think about my care during my remaining
time. It was then that the word “annuity” struck me with a power I had not
anticipated.
After settling into The Groves in Independence, Missouri, I decided to
convert my assets into a monthly income. Realizing that a large portion of
the proceeds would be required as a tax on capital gains, I knew I could not
simply sell assets and be assured that there would be enough to meet my
needs for very long. What a relief it was to learn more about how a
charitable gift annuity works, thanks to the helpful information provided by
the church’s Estate and Financial Planning professionals.
|
Gift Annuity Rates
—Single Life |
| Age |
Rate% |
Age |
Rate% |
| 65 |
6.0 |
78 |
7.6 |
| 66 |
6.1 |
79 |
7.8 |
| 67 |
6.2 |
80 |
8.0 |
| 68 |
6.3 |
81 |
8.3 |
| 69 |
6.4 |
82 |
8.5 |
| 70 |
6.5 |
83 |
8.8 |
| 71 |
6.6 |
84 |
9.2 |
| 72 |
6.7 |
85 |
9.5 |
| 73 |
6.8 |
86 |
9.9 |
| 74 |
6.9 |
87 |
10.2 |
| 75 |
7.1 |
88 |
10.6 |
| 76 |
7.2 |
89 |
11.0 |
| 77 |
7.4 |
90+ |
11.3 |
|
Rates as of printing
(subject to change) |
By transferring to the church a piece of real estate and adding the
proceeds from the sale of my house, I created a charitable gift annuity that
provides a payment to me each month for as long as I live. Instead of a tax
on capital gains, I received a tax deduction for a charitable contribution.
Three additional aspects of this arrangement attracted me:
- The rate of interest on the charitable gift annuity is determined by
my age, and I’m so old the rate was set at 10.6 percent—much better than
if I had sold and retained a mortgage at current market rates.
- I could be permanently finished with being a landlord or arranging
for yard work or having the roof repaired.
- I was, and am always, convinced that God is more interested in me
than in my money, so I do not anticipate that I will be taken sooner
just to terminate the monthly payments.
What is a gift annuity?
It is a simple contract between you and the church in which the church
promises to make fixed, guaranteed payments for life.
The amount paid is based on the age of the annuitant(s) at the time of the
gift. You can give gifts of cash, securities, or real property.
Preparing a gift annuity can be one of the most significant decisions
disciples make. For more information on the benefits and ease of establishing a
charitable gift annuity, visit the Estate and Financial Planning Web site at
www.CofChrist.org/estate, e-mail:
efpm@CofChrist.org, or call at
1-800-884-7526. —Sandra Ferguson reporting
| 
