Our Lives Are Like the Mississippi River
I’m not actually going to tell that story in this article—it’s too long and perhaps too personal. But I wanted to get your attention: this month’s topic is charitable gift annuities, a boring title but an exciting subject!
The following is based on an actual occurrence: Many years ago, my parents exchanged shares of a stock they owned for a charitable gift annuity contract. They received many items of note from this action:
• The rate of the annuity was based on their ages as a joint life annuity.
• They received a current charitable deduction.
• They began to receive a monthly deposit to their checking account for the rest of their lives. A portion of the income was taxable as ordinary income. A portion of the income was taxable as capital gain income. A portion of that monthly income was tax-free.
• They received a tax statement at the end of the year to reflect this income.
You too can enjoy the benefits of a charitable gift annuity! The annuity contract is with the ELCA Foundation, and the payments are backed by the foundation’s assets, with Our Savior’s Lutheran Church Foundation as the remainder beneficiary.
I hope my little story interests you enough to contact me and discuss further! Contact me, Jon Oien, email@example.com, and I’ll tell you more about charitable gift annuities—and maybe how our lives are like the Mississippi River!