Charitable Gift Annuities
Lifetime income gifts, like charitable gift annuities, are wonderful solutions for Christians who wish to give in a substantial way, but may be concerned about having enough retirement income.
Eastern Christian School partners with the Barnabas Foundation to make it possible for supporters like you to provide a gift up to $50,000 from your IRA to fund a gift annuity. In exchange for this gift, the Barnabas Foundation will make fixed annual payments to you based on your age, for as long as you live. Also, if you are 73 or older, these gifts count toward the required minimum distributions from your IRA, and since they are directed to a charity, they are tax-free. It’s a win-win for you and Eastern Christian!
Who it’s for
- Individuals 70 ½ or older
- Those who want to make a charitable gift that counts towards their Required Minimum Distribution
- Those who want to reduce their taxable income
- If you are under 65, you may want to consider a Deferred Charitable Gift Annuity, where payouts start after you hit a certain age
- Receive an immediate income tax deduction for a portion of your gift
- Annuity payments are guaranteed for life, backed by a reserve and the assets of the Barnabas Foundation
- Annuity payments are partially tax free, making them more valuable than fully taxable income of the same size
How it works
- Transfer cash or securities to the Barnabas Foundation.
- The Barnabas Foundation will pay you a fixed income for life. The amount depends on the size of the transfer, and how old you are.
- The remaining funds pass to Eastern Christian School when the contract ends, creating a meaningful impact.
We do advise you to consult with a qualified estate planning attorney or financial advisor to determine if this is the right option for you. EC is proud to provide you with complimentary access to trusted, biblically-based conversations with a Christian estate planner through the Barnabas Foundation regarding a possible gift annuity.
Call the Barnabas Foundation to learn more about gifts that pay you income at 888.448.3040 or contact the Eastern Christian School Foundation Office at 973.427.9294 or email@example.com for help or more information.
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