Charitable Gift Annuities Gifts That Pay You Income
There is a way for you to support a LifeSpire of Virginia community and the Virginia Baptist Homes Foundation (VBHF) and feel confident that you have dependable income in your retirement years. You can do this with a charitable gift annuity.
With a charitable gift annuity you agree to make a gift to VBHF and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life. The remaining balance becomes part of your legacy at VBHF, allowing us to thrive far into the future.
This type of donation can provide you with regular payments for life and allow VBHF to further our mission. You can also qualify for a variety of tax benefits depending on how you fund your gift.
If you fund your gift annuity with cash or appreciated property, you qualify for a federal income tax deduction if you itemize. In addition, you can minimize capital gains taxes when you fund your gift with appreciated property.
And now, you can fund your gift using your IRA assets. If you are 70½ and older, you can make a one-time election of up to $50,000 to fund a gift annuity. While your gift does not qualify for an income tax deduction, it does escape income tax liability on the transfer and count toward all or part of your required minimum distributions.
Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options with a Deferred Gift Annuity.
The news keeps getting better … for the second time in just six months, payout rates have increased. They are now higher than they have been in more than a decade, making now a great time to consider this gift that benefits you and the VBH Foundation.
New Rate Chart (effective Jan. 1, 2023) – one recipient
Interested in learning more? We would be happy to send you a free, no-obligation calculation showing you the increased benefits you can receive from a CGA. Your personalized calculation will include your potential income tax charitable deduction and our annual payments to you for life. Contact Jodi Leonard at (804) 521-9213 or [email protected] to begin or visit our website for great tools and resources to start your legacy!