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Charitable Gift Annuity
For more information about planned giving, please contact Anne Morton Smith, chief development officer at 401-432-1451 or ASmith18@lifespan.org.
How It Works
Through a simple contract, you agree to make a donation of cash, stocks, or other assets to Bradley Hospital Foundation. In return, you or a loved one receive a fixed amount each year for the rest of your lifetime.
Below is an example based upon a donor 72 years of age establishing a $10,000 immediate payment charitable gift annuity with cash.
- Immediate. Charitable income tax deduction of $4,240.
- Annual. Annual payments of $540 for life of annuitant, age 72, $397 tax-free for the first 14.5 years.
- Future. Bradley Hospital will receive remaining principal when annuity ends. May reduce estate taxes and costs.
In addition to providing a gift to Bradley Hospital Foundation and receiving fixed payments for life, you also receive these benefits:
- You receive an immediate charitable income tax deduction for a portion of your gift.
- Your charitable gift annuity payments are partially income tax–free throughout your estimated life expectancy.
- Your payments are not affected by fluctuations in the economy.
- The gift annuity can be for one or two people, so your spouse or another loved one can also receive payments for life.
- If you use appreciated stock to make a gift, you can usually eliminate capital gains tax on a portion of the gift and spread the rest of the gain over your life expectancy.
Generally, the older you are at the start of your payments, the higher your payments.
These rates are the maximum rates recommended by the American Council on Gift Annuities and are adjusted periodically.
* Minimum gift amount $10,000
If You Don't Need Extra Income Right Now...
Deferred Payment Charitable Gift Annuity
How It Works:
You make the contribution to us now, securing a current income tax charitable deduction. Starting at least one year after your gift, Bradley Hospital Foundation provides you or a loved one with fixed payments for life. This is especially advantageous if your tax bracket is higher now than it will be later when you retire. The rate depends on your age now and your age when the payments will begin. Because payments are deferred, the rate is considerably higher than with an immediate gift annuity. Your charitable deduction is larger, too, when you choose to defer the start of your payments.
In addition, for many people, contributions to IRAs, 401(k) plans and other retirement plans are limited. The deferred payment gift annuity is a good way to provide the additional retirement income you desire.
Example based upon a cash gift of $10,000 for a donor 55 years of age who defers the start of his payments for ten years.
Immediate. Charitable income tax deduction of $3,597.
Annual. Annual payments of $650 starting in 2024 for life of annuitant, age 55, $322 tax-free for the first 19.9 years.
Future. Bradley Hospital will receive remaining principal when annuity ends. May reduce estate taxes and costs.
Generally, the older you are at the start of your payments, the higher your rate.
Rates are recommended by the American Council on Gift Annuities. Actual calculations will vary based on the date of birth and the date of the gift.