Want to make a charitable gift to help animals in need AND receive income for life? Charitable gift annuities are now available at the SPCA!
A charitable gift annuity is a contract in which you exchange a gift of cash, securities or real property for a fixed payment each year. Payments can begin as early as age 65 and are guaranteed to continue for the rest of your life (or for the lives of two people).
How It Works
A charitable gift annuity can be established with a gift of $10,000 or more. In exchange for your gift, the SPCA will pay you, and a second beneficiary if you wish, income for life. Both income beneficiaries must be at least 65 years of age and the income you receive is determined by the amount of your gift and your age(s).
Regardless of your age or the income you will receive, you can take a charitable deduction for a portion of the gift in the year you make the gift. A portion of the payments you receive each year may also be exempt from certain income taxes. Other benefits to you include:
- Generous income guaranteed for life;
- An immediate income tax deduction;
- Reduced capital gain taxes if appreciated securities are used to establish the annuity;
- Partially tax-free income for a period of years;
- Professional annuity administration by the Community Foundation for Greater Buffalo;
- Membership in the Mary Elizabeth Lord Guild;
- The satisfaction of making a significant contribution to the future of the SPCA.
Benefit to the SPCA
The funds remaining in the charitable gift annuity at the passing of the beneficiaries are contributed to the Erie County SPCA Fund at the Community Foundation for Greater Buffalo. These funds are then invested and the income from the Fund comes to the SPCA to be used for the purpose designated by you. This is one of the easiest and most popular methods of making a planned gift to the SPCA.
Illustration of a Gift Annuity for $10,000
AGE PAYMENT RATE GUARANTEED ANNUAL INCOME
65 6.0% $600.00
70 6.5% $650.00
75 7.1% $710.00
80 8.0% $800.00
85 9.5% $950.00
90 11.3% $1,130.00
Request a Personal Illustration
Please print our Charitable Gift Annuity Inquiry Form to request a personalized illustration with income and tax deduction information. If you would like further information about charitable gift annuities, contact Jennifer Gurz at 716-629-3517.
This information reflects, in very general terms, how a gift might affect specified tax liabilities. This is not an effort to reflect your current tax picture or suggest that a particular gift will have the indicated result in your case; only your lawyer and accountant can do that. We suggest you consult your professionals before acting upon the concepts reflected here.