Charitable Gift Annuities: Income for You, Support for Kean
Would you like to support Kean University but are hesitant to do so because of the current market uncertainties?
Perhaps you are concerned about being able to meet your future needs. Other donors who feel the same way have discovered the joy of supporting the Kean University Foundation through a charitable gift annuity.
A charitable gift annuity (CGA) is a contract between you and the Kean University Foundation that provides advantages for both. By funding a charitable gift annuity, you will receive fixed payments for your lifetime, as well as a charitable income tax deduction, and will ultimately be providing valuable support to Kean.
A CGA may be funded with cash or securities. The payout rate on a charitable gift annuity is a fixed rate based on the age of the annuitant(s) at the time the gift is made. Payments may be made to one or two annuitants for their lifetime(s).
Charitable gift annuity benefits include:
- Guaranteed fixed payments for life.
- A portion of your payments may be tax-free.
- An immediate tax deduction.
- Reduction in capital gains tax when making a gift of appreciated securities.
- Satisfaction of making a gift that pays you income for life and provides for the future of Kean after your lifetime.
The table below shows sample rates for a gift of $75,000
| Age | Payment Rate | Annuity | Deduction |
|---|---|---|---|
| 65 | 5.7% | $4,275 | $27,220 |
| 70 | 6.3% | $4,725 | $28,816 |
| 75 | 7% | $5,250 | $31,677 |
| 80 | 8.1% | $6,075 | $34,476 |
Please note that this information is for illustrative purposes and is not intended as tax or legal advice. Rates are subject to change and are based on rates suggested by the American Council on Gift Annuities. Gift annuities are not available in all states. Always consult an attorney, accountant, or other professional adviser before making any material decisions based on any data presented herein.