News from the Foundation:
Charitable Giving Annuity Rates to Decrease Soon
Did you know there are ways you can support the Beacon Hill Foundation and receive income for life? A charitable gift annuity (CGA) is a popular giving option that allows you to support ministry AND receive fixed lifetime payments for you and/or your loved ones. We recently received a notice about some rate changes that could potentially affect your decision regarding your approach to Charitable Gift Annuities. If you act quickly to establish a CGA on or before June 30, 2020 you will receive the highest possible payments!
Here’s how it works: you make a donation to the Beacon Hill Foundation. Then, the gift is set aside in a reserve account and invested. Based on your age(s) at the time of the gift, you receive a fixed monthly or quarterly payout (typically supported by the investment account) for the rest of your life. At the end of your life (as well as your spouse’s, if you’re giving as a couple), the charity receives the remainder of the gift. Individuals or couples can set up a charitable gift annuity. You can establish a charitable gift annuity by gifting cash, stock or other appreciated assets in support of the Beacon Hill Foundation. In exchange, you’ll receive an immediate tax deduction and then fixed payments for life.
If you’ve ever wondered about this popular giving option, you may wish to look into it now, because as of July 1, 2020, rates will decrease by .3 to .5 percent, decreasing your potential fixed payments.
If you move quickly to establish your CGA on or before June 30, 2020, you will lock in a lifetime of payments for you and/or your loved ones at the current, higher rate.
Here is a sample of some of the current vs. new rates…
I asked Gloria and Dave Haebich why they have chosen CGAs as a way to generously give and this was what they told me:
“We’re grateful to have discovered Charitable Giving Annuities as a way to receive some additional income now as a cushion against any future inflation and the great possibility that our favorite charities will receive a welcome donation when we’re gone. The income tax deductions on the original gift and the future income are a plus as well.”
I’d love to help you discover whether a charitable gift annuity is the right giving solution for your goals and situation. I’d love to provide you with a free, personalized illustration showing you what your income payments will be.
To learn more, leave a message for me at 616-608-8285 or email me at email@example.com.
Andi Allen, Foundation Director
Beacon Hill Foundation