Ways to Give - More Information
How does this program work?
In return for your property, a Foundation will issue a charitable grant annuity (CGA) which will provide a lifetime income that is guaranteed and secured by the assets of the Foundation. In many instances the charitable gift annuity will provide more income than is presently being received from the rental property. Plus, you will no longer have any of the costs or responsibilities associated with rental property ownership.
What is a charitable gift annuity?
A charitable gift annuity is a simple two-page contract between you and a Foundation wherein the Foundation agrees to provide one or two individuals with a fixed income for their lifetime.
Are charitable gift annuities secure?
The charitable gift annuity payments are a general obligation of the issuing charity. In other words, the charitable gift annuity is backed by the foundation’s entire assets, not just by the property contributed.
In order to further secure the promise to provide the fixed lifetime income, the Foundation will in most cases contract with a major insurance company to also financially back its charitable gift annuity promise with a double layer of financial protection.
Finally, the Foundation is licensed and regulated to issue charitable gift annuities. These regulatory agencies do not insured or guaranteed the annuity, but it is backed by the Foundation and the major insurance agency.
How much income will I receive?
The amount of income you can expect to receive depends upon a number of factors including your age and the fair market value of your property. The complimentary proposal will show you the income you may be able to receive under this program.
What are the tax benefits?
Because a charitable gift annuity is part lifetime income and part charitable gift, you will receive a sizeable income tax deduction for the charitable gift portion. Your actual tax deduction will depend upon a number of factors including your age, the fair market value of your property and the applicable federal rate. The complimentary proposal will show you the tax deduction you may be able to receive under this program.
What if I still have debt on the property?
The Foundation can accept property with some debt. In such cases, the Foundation can issue a charitable gift annuity based upon the value of your equity/ownership in the property. Although debt encumbered property can be accepted, we have found that the amount of debt on the property should be limited usually to about twenty five percent (25%) of the property’s fair market value.
What are my costs?
After reviewing your complimentary proposal, should you decide to proceed with this program, your only expenses will be for an appraisal of your property and title transfer fees.
I have other questions. Who should I speak to?
Pastor Brian Mayes will be happy to answer any questions or direct you to someone who is qualified to answer your particular inquiries. Brian may be contacted at Family Life Outreach at bm41psalms@aol.com.
Fill out this simple form and let us calculate the lifetime income you could receive from your property.:
