Deferred Gift Annuities You have just turned 50, your husband is 52, and your two children are now teenagers. You provide the bulk of your family's income and retirement savings. You and your spouse are in the 33% tax bracket, and you have reached the maximum contribution limit for your group pension plan. You want to make a gift of $50,000 to the Binghamton University Foundation, but you are finding it hard to locate the assets to make such a gift outright. You also are looking for ways to offset your high taxable income, and for additional sources of retirement income. You decide that starting this year, you will create five deferred gift annuities of $10,000 each. Payments from all five annuities will commence when your spouse turns 65, thirteen years from now, and will continue for the balance of your lives. Because the deferral periods will get shorter each year, the five annuities will have different income rates and charitable deductions. Here are the income and tax benefits of the five deferred gift annuities:
You have just turned 60. You've retired, but your consulting business is beginning to grow. You don't know yet when you'll want to fully retire. You want to make a gift of $50,000 to the Binghamton University Foundation. You want an income tax deduction now, but don't know just when you'll want to start receiving income in return for your gift. You decide to create a $50,000 flexible gift annuity, and tell us that the first payment should commence in ten years, when you turn 70. However, you set the range from age 65 to age 75 to begin payments.
For more information Email us, complete the personal illustration form, or call us at 607-777-4712 so that we can assist you through every step of the process. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
