Gift Range: $10,000 or more
To establish a charitable gift annuity, you make a gift to the Lewis County Historical Society and in exchange receive a fixed annual dollar amount for life. The principal remaining at your death will then benefit any Historical Society program that you choose.
While gift annuities can be funded at a younger age, this type of gift might be especially attractive if you are aged 70 or older, you want to support the Lewis County Historical Society, and you would like to secure an immediate stream of income for yourself or for yourself and your spouse. The amount of the payments is based on the age(s) of the beneficiary(ies) – that is, you or you and your spouse. The older one is, the higher the payout rate one receives. In addition to the stream of fixed payments, the gift will also generate an immediate charitable income-tax deduction. If you are younger and you wish to begin receiving payments at a future date, a deferred-payment charitable gift annuity might be a more suitable gift arrangement.
Example: Mary, aged 78, gives $25,000 in cash to the Lewis County Historical Society in exchange for a gift annuity. She receives an income-tax deduction of approximately $12,010, based on her age. She will begin receiving income checks of $1,700 each year for the rest of her life. When she passes away, the remaining principal will benefit the Lewis County Historical Society.
Pointer: The charitable gift annuity is especially rewarding if funded with appreciated long-term securities that generate little or no income. If you transfer such securities to the Historical Society in exchange for a charitable gift annuity, you will avoid a significant amount of capital-gain taxation and any remaining capital gain will be reported in prorated amounts over the life (or lives) of the beneficiary(ies).
How It Works
- Transfer cash or other property to the Historical Society
- The Historical Society agrees to make payments for the life of one and up to two annuitants (you or you and your spouse), with the payments being backed by our assets
- The balance of the transfer inures to the Lewis County Historical Society
- Payments for life that are favorable taxed: (1) when gift is funded with cash, part of the payment will be tax-free; and (2) when gift is funded with appreciated property, part will be taxed as a capital gain, part will be tax-free, and part will be taxed as ordinary income
- Federal income-tax deduction for a portion of your gift
Gift will provide generous support for the Historical Society