Charitable Gift Annuity

Charitable Gift Annuity

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Charitable Gift Annuity

Charitable Gift Annuity definition:  An owner transfers assets directly to a charitable organization for an immediate income tax deduction and lifetime annuity payments to the donor or beneficiary.  The charitable organization is responsible for making the annuity payments (not a trust or some other entity), so the donor should be confident in the charity’s ability to make annuity payments.  The Council on Gift Annuities publishes annuity rates based on donor ages and property values. The income tax deduction is based on annuity rates, donor ages, property values, and a federal discount.  The donated assets are not included in the donor’s taxable estate.

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