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Careful Savings Becomes Charitable Savings
Charitable Gifts Annuity
"I have looked carefully, but there just are not any CDs with a good rate of return — and I’m also interested in a secure return."
Valerie is a retired high school English teacher. She has been a careful saver and has a number of certificates of deposit.
“Over the past three years, the return on my CDs has declined significantly,” Valerie said. “I have looked carefully, but there just are not any CDs with a good rate of return — and I’m also interested in a secure return. I want to know that a good return will be paid. The ideal choice for me would be a secure high return.”
Valerie talked to a friend who found exactly that choice. Her friend set up a gift annuity with her favorite charity. Valerie thought that perhaps the gift annuity would be helpful for her.
“I called the Episcopal Church Foundation and asked about a gift annuity. I was very pleased to discover that based upon my age, a gift annuity would pay 8%. Plus, there would be a good tax deduction and part of the income would be tax-free.”
After finding out how to set it up, she transferred money from a mature CD into a charitable gift annuity. She was also excited to learn that the charitable deduction will save her over $3,000 in taxes this year. Fixed payments for Valerie from the gift annuity are about two times what she was receiving from her one-year certificate of deposit. She is delighted with the increased income and charitable savings.
To find out how a charitable gift annuity might benefit your financial situation, please contact us today.
