A Charitable Gift Annuity (CGA) is a contract between an individual or a couple and a qualified charity. The individual or couple makes a gift to the charity in exchange for a lifelong income stream that begins within one year.
A number of payout options are available. An individual may choose to have a fixed income for themselves or another person for his or her natural life. Or a couple may choose to have a fixed income paid until the last spouse passes away.
The annuity income depends on two variables: the age of the beneficiary and whether the annuity is based on one life (an individual) or two lives (a couple). The older the annuitant when payments begin, the greater the payment, and the payout will be greater for one life than it will be for two lives. The income stream is guaranteed for the life of the beneficiary.
CGAs issued by Stewards Foundation are as secure as Stewards Foundation. The entire amount contributed is held in a separate account for investment and annuity payments. Upon the beneficiary’s death, the remaining balance will go to Stewards Foundation.
There are several tax benefits. When you enter into the contract, you will receive an immediate charitable tax deduction. A portion of each payment you receive is tax-free. Finally, the CGA is generally not included in your estate for estate and inheritance tax purposes.
Call us to discuss how a Charitable Gift Annuity will benefit you and assist Stewards Foundation in our service to assemblies of the Lord’s people and their commended workers.