Other Ways To Give
Charitable Gift Annuities: Gifts that Give an Income
For those friends of PARC who would like to give a gift to PARC, secure a tax deduction now, and guarantee an income for life, the Charitable Gift Annuity might be a creative (and useful) way to give.
Here is how it works:
- Transfer cash or appreciated stock to PARC
- Sign a simple annuity agreement through which PARC promises to pay you (or you and your spouse) a fixed annuity payment for as long as either one of you lives
- Receive an immediate income tax deduction for a percentage of your gift and avoid or defer a significant portion of any capital gains tax.
The amount of your deduction and the annual payment are both based solely on the ages of the beneficiaries when the payments begin and are set by the American Council of Gift Annuities—the non-profit organization that sets the rates on charitable annuities for all non-profits. The annuity payments are underwritten by the reserve and the total assets of PARC.
Here are some of the benefits of a charitable gift annuity:
- You receive a secure income for life starting any time after you turn 65. The income never changes and will continue as long as you live
- If you have a two-life annuity, the surviving spouse receives the same income for life, with no reduction in income at the death of the first spouse
- You receive an immediate income tax deduction
- Your income is partly tax free
- Your income could easily be increased if you substitute a CGA for fixed income investments like CDs, money market funds, or bonds
- No one receives a commission on these gifts; 100% of your gift goes to PARC
- You have the satisfaction of knowing that you are making a gift that enhances your future income and helps PARC.
For more information, please contact PARC President & CEO, Karen Higgins, at 727-341-6919 or at KHiggins@PARC-FL.org