Gifts of Income: Annuities and Trusts
Charitable Gift Annuities are one of the simplest and most popular ways of making a gift and obtaining an income for life for donors of age 60 and older. In return for your gift of $10,000 or more, you’ll enjoy guaranteed fixed payments, a charitable tax deduction, and tax savings. In many cases, the effective rate of return is higher than market rates.
Deferred Charitable Gift Annuities are similar in every way to charitable gift annuities, except that the payments begin at a future date chosen by the donor. Deferred charitable gift annuities are a perfect use for mandatory IRA or 401(k) withdrawals. While providing you with a current tax deduction, they can provide you, your children, grandchildren or other designee with future income.
Charitable Remainder Trusts are a flexible and popular alternative to an outright bequest. They provide either fixed or variable income and can be tailored to fit your specific financial and philanthropic goals. They may be established during your lifetime or through your estate plan. Charitable Remainder Trusts provide benefits to the museum after the trust terminates.
Associate Director, Planned Giving
Bishoy M. Mikhail, Esq.
bmikhail@clevelandart.org
216-707-2585
Harvest Time courtesy of the Plattsburgh State Art Museum, Plattsburgh College Foundation, Rockwell Kent Collection. Bequest of Sally Kent Gorton.