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Charitable Gift Annuities

A charitable gift annuity is a way of donating an irrevocable gift to Gillian’s Place in return for guaranteed income for the rest of your life. The portion of your gift not used to provide the annuity income is used by Gillian’s Place as you direct.

Why select an annuity?

  • You would like to increase your current after-tax spendable income.
  • Perhaps you want the security of a fixed guaranteed income.
  • A donor in a high tax bracket might want more tax-free income.
  • You appreciate the worry-free management of such an investment.
  • A significant portion, if not all, of the income from a gift annuity is tax-free. In all cases, a donation receipt is issued, resulting in further tax savings.
  • Donors receive the satisfaction of making a fit and are recognized as a donor while still alive.

A portion of your gift of at least $10,000 is invested in a gift annuity, giving you a lifetime of income at a fixed rate comparable to most commercial investments. Depending on your age at the time of your gift, a substantial portion, if not all of the annuity income is tax-free. You receive payments at your choice of intervals.

Joint annuities are available for couples, or you may purchase an annuity for another person, such as a parent or grandparent.

This is how an annuity works:

Your donation to Gillian’s Place of $10,000 or more is invested in a guaranteed life annuity with a major insurance company.

A portion of the donation (20%-25%) is used by Gillian’s Place immediately as you wish it to be used.

You will receive a guaranteed lifetime income and, depending on your age (you should be 70 or older), your income will be substantially or entirely tax-free. You will also receive a tax receipt for the gift portion to Gillian’s Place.

For more information we invite you to contact Gillian’s Place to help answer any questions you may have.

 

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