A few weeks ago I posted a blog that mentioned very briefly a type of gift permitted under the U.S. Tax Code that allows you to give to Idlewild but also receive a lifetime of income. See Leaving to Idlewild Baptist Church is a Blessing.
One such gift is the charitable gift annuity. It is a way to give now, receive some tax benefits, and also receive a stream of payments for your entire life. Believe it or not, it is true – you can make a charitable gift that will give you a life income. We have likely all heard the old saying that you can’t eat your cake and have it too. Well, you can with a charitable gift annuity.
A charitable gift annuity functions the same as a regular commercial annuity, except that a part of your gift to the charity qualifies for a charitable tax deduction. You receive a set amount of the donation as a payment for life. The percent is determined by your age at the time the gift is made. Additionally, a portion of your payments are tax free.
Then, at your death, the remaining balance, called the charitable remainder, goes to Idlewild.
This is a complex gift that must be done correctly under the tax laws for you to receive the full benefit. Call us at (813) 264-8713 and we can get you to the right adviser and expert to get it done correctly. If you have further questions, please call us now.
About the Author
John Campbell has retired from a 40-year legal practice as a trial attorney in Tampa. He has served in multiple volunteer roles at Idlewild Baptist Church in Lutz, Florida, where he met Jesus. He began serving as the Executive Director of the Idlewild Foundation in 2016. He has been married to the love of his life, Mona Puckett Campbell, since 1972.