Annuities
There are several ways to make a gift in order to provide for your needs and the needs of your family over time while still supporting the park that you love. A brief description of some of these strategies is shown here. Please contact our Planned Giving Team for more information.
Charitable Gift Annuities
A charitable gift annuity is a simple agreement between a donor or donors and Community for The Commons. In exchange for a gift of cash or appreciated securities, the donor(s) receives fixed payments for life. The amount paid depends upon the age, the number of annuitants, the size of the contribution, and when payments begin. You will also receive an income-tax charitable deduction in the year the gift is made, reduced capital gains taxes (if appreciated securities are donated), and the peace of mind that comes from knowing you will receive income for life. An annuity may also enable you to meet your own financial needs while making a more substantial gift to The Commons park than you thought possible.
A charitable gift annuity is a simple agreement between a donor or donors and Community for The Commons. In exchange for a gift of cash or appreciated securities, the donor(s) receives fixed payments for life. The amount paid depends upon the age, the number of annuitants, the size of the contribution, and when payments begin. You will also receive an income-tax charitable deduction in the year the gift is made, reduced capital gains taxes (if appreciated securities are donated), and the peace of mind that comes from knowing you will receive income for life. An annuity may also enable you to meet your own financial needs while making a more substantial gift to The Commons park than you thought possible.
About Annuities
- Payments can start immediately or can be deferred. Rates are higher for deferred.
- Payment rate is based on age; the older you are, the higher the rate.
- Minimum size gift for an annuity with Community for The Commons is $10,000.
- Annuities can be funded with cash and/or appreciated stock.
- Income beneficiary(s) of an immediate pay annuity must be at least 59 years of age. Income beneficiary(s) for a deferred gift annuity must be at least 55 years of age at the time the agreement is signed.
- A contribution for a gift annuity is irrevocable and cannot be returned to you.
Charitable Lead Trusts
A charitable lead trust provides a current stream of income to Community for The Commons while helping you pass significant assets to children or grandchildren thereby minimizing or eliminating gift and estate taxes. It enables you to make a substantial gift to The Commons over a period of years. These trusts, usually funded with an income-producing asset that is expected to appreciate, pay an income stream to the charity. At the end of the term, the assets can either revert back to you or pass to those you designate, typically your children or grandchildren. A minimum gift of $100,000 is recommended.
Please note that appreciating assets such as stocks, real estate, and cash, are the best for funding a charitable lead trust because the assets pass to your heirs with the appreciation and without additional tax.
A charitable lead trust provides a current stream of income to Community for The Commons while helping you pass significant assets to children or grandchildren thereby minimizing or eliminating gift and estate taxes. It enables you to make a substantial gift to The Commons over a period of years. These trusts, usually funded with an income-producing asset that is expected to appreciate, pay an income stream to the charity. At the end of the term, the assets can either revert back to you or pass to those you designate, typically your children or grandchildren. A minimum gift of $100,000 is recommended.
Please note that appreciating assets such as stocks, real estate, and cash, are the best for funding a charitable lead trust because the assets pass to your heirs with the appreciation and without additional tax.
Charitable Remainder Trusts
A charitable remainder trust is a formal trust agreement through which donated assets are irrevocably transferred to a trustee (one or more individuals, a bank, or a trust company) and in return you and/or another designated person will receive income for life or for a term of years. Upon completion of the term, the assets then pass to Community for The Commons to support The Commons park. When you create a charitable remainder trust, a portion of your gift is tax deductible. Because a charitable remainder trust is tailored to your specific needs, you determine the length of the trust and the payout rate, both of which have an effect on the tax deduction.
A charitable remainder trust is a formal trust agreement through which donated assets are irrevocably transferred to a trustee (one or more individuals, a bank, or a trust company) and in return you and/or another designated person will receive income for life or for a term of years. Upon completion of the term, the assets then pass to Community for The Commons to support The Commons park. When you create a charitable remainder trust, a portion of your gift is tax deductible. Because a charitable remainder trust is tailored to your specific needs, you determine the length of the trust and the payout rate, both of which have an effect on the tax deduction.
There are two kinds of charitable remainder trusts:
- An annuity trust that pays a fixed income
- A unitrust that pays a variable income