Making Up for Lost Time
It is not easy to get in touch with Jack and Jeanette. After 50+ years of running a successful business, they were ready to retire and start traveling. They have been on more then 60 trips all over the world including Vienna, China, and New Orleans. Most people would not be able to keep up with them.
"We wanted to make up for lost time." explains Jeanette. They have created several charitable gift annuites, which have increased their income and kept them on the road. One day, these funds will benefit Scripps Health.
A charitable gift annuity combines a gift to charity and an annuity contract. You transfer assets, usually cash or securities, to us. In return, we agree to make regular fixed payments to you for the rest of your life. This transaction is both a purchase of an annuity and a charitable contribution.
Your benefits include guaranteed regular income, part of which may be tax free, an immediate income tax deduction, possible estate tax savings, and, if appreciated property is given, favorable tax treatment on the gain.
The amount of the annuity you are paid is determined by the value of the assets transferred multiplied by the appropriate annuity rate, which is based on y our age at the time of the gift.
The amount of your charitable income tax deduction depends upon the value of the assets transferred and your life expectancy.