It’s just been posted! Answers in Genesis–US now has a special website dedicated to providing current planned-giving information in order to better serve you and your family!
In a convenient way, US friends of the AiG ministry can find out more about how they can benefit from such things as “life income gifts,” “gift annuities” and other charitable gift plans. Our new site is interactive, so you can explore and create your own plan. Just go to www.Genesisgift.org (rather than AiG’s regular website).
There are several types of plans for you to consider, many of which have excellent benefits for gift donors—including increased income and generous tax savings. The site also provides the latest finance news, including a “Washington Hotline” with current developments on taxes and other laws that might affect you.
For example, here are two ways that a “gift annuity” can work:
Jane is a 70-year-old woman who has been supporting the AiG ministry faithfully for a number of years. She has a $30,000 certificate of deposit that pays her 3% annually. Jane would like to help the ministry more, but she depends on the $900 annual income from her CD for living expenses.
In order to help AiG and also meet her own needs, Jane contributes the $30,000 CD, upon maturity, to the Answers in Genesis fund in exchange for a charitable gift annuity. The annuity rate for her age at the time of the gift is 7.9%. Consequently, her annual income stream increases to $2,010—an increase of $1,110 per year. Jane will also receive an immediate tax deduction of $11,246, resulting in income tax savings of $1,687. A portion of each annuity payment she receives is tax-free. If she were to give appreciated securities instead of her CD, she could also defer capital gains tax. Moreover, Jane could choose to have the gift annuity based on her husband’s life also, and receive an income stream for their joint lives.
Jerry, a 56-year-old businessman, needs a present income tax deduction, but really doesn’t need annuity income right now. He strongly believes in the mission of Answers in Genesis and wishes to support it financially. Jerry transfers $20,000 to the ministry’s gift annuity fund, with payments set to begin at age 65. He will receive an annual income of $1,800, guaranteed for life; $664 of his annual payments will be tax free, and he will receive a charitable deduction of $6,795, and save about $1,900 in income taxes. More importantly, he will have the personal satisfaction of knowing that part of the gift principal will ultimately go to support the Lord’s work.
Take a few minutes to explore the benefits of planned giving through the convenience of the web at www.Genesisgift.org. While there, sign up for a free weekly e-newsletter.