St. Charles Borromeo
21505 Augusta Avenue
Port Charlotte, FL 33952
Charitable Gift Annuity
Do you want to support St. Charles Borromeo, but worry about having enough income for yourself and your loved ones? Life-income gifts such as gift annuities and charitable remainder trusts can provide donors with an income stream, significant tax savings, and the satisfaction of providing St. Charles with vital, long-term resources.
The creation of a life-income gift benefits both the giver and the receiver, a "win-win" situation. The following life-income gifts are available, and one may be right for you:
How It Works
1. Transfer cash or other property to St. Charles
2. St. Charles guarantees to make lifetime payments for up to two annuitants
· Guaranteed payments for life that are favorably taxed
1. When gift is funded with cash, part of payment will be tax-free
2. When gift is funded with appreciated property, part will be taxed as capital gain, part will be tax-free, and part will be taxed as ordinary income
· Federal income-tax deduction for a portion of your gift
· Gift will provide generous support for St. Charles
To establish a charitable gift annuity, you make a gift to St. Charles and in exchange receive a fixed annual dollar amount for life. The principal remaining at your death will then benefit St. Charles.
70 and Older and Want Income for Life? This Is the Gift for You.
While gift annuities can be funded at a younger age, this type of gift might be especially attractive if you are aged 70 or above, you want to support St. Charles, and you would like to secure an immediate stream of income for yourself or for yourself and your spouse. The amount of the payments is based on the age(s) of the income beneficiary(ies). The older one is, the higher the payout rate one receives. In addition to the stream of fixed payments, the gift will also generate an immediate charitable income-tax deduction.
Gift Range: $20,000 and more
Example: Mary Domer, aged 78, gives $25,000 in cash to the St. Charles in exchange for a gift annuity. She receives an income-tax deduction of $11,713, based on her age. She will begin receiving income checks of approximately $1,600 each year for the rest of her life. When she passes away, the remaining principal will benefit St. Charles.
Tip: Give Appreciated Securities and Avoid Capital-Gain Tax
The charitable gift annuity is especially rewarding if funded with appreciated long-term securities generating little or no income. If you transfer such securities to the St. Charles in exchange for a charitable gift annuity, you will avoid a significant amount of capital-gain taxation and any remaining capital gain will be reported in prorated amounts over the life (or lives) of the beneficiary(ies).