“I arranged a Charitable Gift Annuity for my husband for three reasons: 1) to support the good work of the Claretians, 2) to add to his retirement income, and 3) because I love him!”
— Anonymous
Annuity Basics
One of the most attractive and unique aspects of the Claretian Charitable Gift Annuity program is that you can enroll for as little as $1,000 per annuity! Secondly, changes in tax laws which took effect in 2023 allow that you may be able to fund your annuity with assets from your IRA account.
Establishing a gift annuity accomplishes two unique goals in philanthropy: a contract is made for you, the donor (and another individual if you choose) to receive a fixed payment for life, and a gift is made to the Claretians Missionaries. Since a portion of the amount given for a gift annuity will be used for charitable purposes, you, as the donor, are entitled to a federal (and perhaps state) income tax deduction the year the gift is madeIndividuals aged 60 or older are eligible for immediate payment Charitable Gift Annuities. Payments can also be deferred to a future date, making gift annuities an excellent retirement vehicle. The gift can be in cash or marketable securities.
The minimum age for those entering into a Deferred Payment Charitable Gift Annuity contract is 50, and the minimum age for payments to begin is 60. People age 60 or older can defer payments for at least one year after the annuity is established.
The contributed irrevocable gift becomes an asset of the Claretian Missionaries, and the payments are a general obligation of the organization. The annuity is backed by the full assets of the Claretians Missionaries, and the funds are separately invested according to conservative and disciplined financial standards.
For a period of years, a portion of each payment received is tax-free. This further increases the after-tax dollars available to the donor for spending or investing. An annuity funded with appreciated securities has even more advantages: The gain allocated to the gift portion is not subject to the capital gains tax, and the portion of the gain to be recognized can be spread over the expected term of the contract.
How a Charitable Gift Annuity works:
1. You make an irrevocable gift of cash, securities, or other property to Claretian Missionaries.
2. In exchange, the Claretians pay you a fixed amount each year for the rest of your life.
3. When your gift annuity ends, its remaining principal passes to Claretian Missionaries.
Connect with us to learn specific details and for your proposal:
Email Our Planned Giving Representatives or Call (800) 237-7783
Our development experts are happy to discuss your charitable gift annuity options and create a proposal for you.