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Gift Annuities
by Ellise Walsh
Giving money to charity is a source
of great joy and pride to many people. As a matter of fact, one of the best
things about acquiring wealth throughout your life is the ability to use that
wealth to touch the lives of people long after the giver has departed this
world. Gift annuities are a good way to pass your assets onto a worthy cause,
while at the same time allowing you to receive a monthly income for the rest
of your life.
Many charities and foundations have gift annuity programs established. In
addition, many of these charities have provisions in their gift annuity
program which allow you to designate your gift go to a specific program within
the charity. That way, if your heart has been touched by a particular program,
you can help fund that program by using the assets you put in the gift
annuity.
There will generally be a minimum amount needed to open a gift annuity, often
$20,000 to $25,000. The gift annuity counselor will run the numbers with you
to determine the monthly benefit you are eligible to receive for the gift
annuity.
The great thing about gift annuities is that they allow you to give the money
while you are still alive, instead of just bequeathing the funds upon your
death. This way, you get to see the money at work and enjoy the good you are
doing while you are still around to see it.
The way gift annuities work is that you open the gift annuity with the charity
or foundation. They will determine, based on actuarial tables, how much of a
monthly payment will be made to you from the gift annuity each month. Then
upon your death, the funds in the gift annuity are turned over to the charity
or charitable foundation. This is one of the most popular ways for givers to
pass on money to their favorite charity.
In addition to cash, most charities and charitable foundations accept
marketable securities to establish a gift annuity. Gift annuities are
generally very simple to arrange. Most charities and charitable foundations
have experience with gift annuities and will be more than happy to assist you
with this wonderful form of giving.
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