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Gift Annuity (Income for Life)

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Charitable Gift Annuity

A Charitable Gift Annuity is a contract between the donor and The Providence School that provides immediate income or deferred income for specified period of time.  The tax advantages are a benefit to the donor by way of current deductions, tax free income and capital gains.

There are two basic types of Charitable Gift Annuities: The “current” payment gift annuity which begins making payments immediately and is generally most appropriate for people age 60 and older and the “deferred” gift annuity defers the annuity payments for 5-15 years and is generally appropriate for people less than 60 years old and who want to take advantage of a current charitable income tax deduction, but who don’t want or need the payments to begin until they are older.

Please consult a licensed professional on the implications of gifting strategies in your estate. The information provided above is for informational purposes only and is not intended to be legal advice.

 

 
 
 

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