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If something seems too good to be true... it usually is. But not always. This long time Hillcrest resident, whom we will call Mary Donor, discovered that she could get more from her investment if she gave it away than if she kept it.
Mary attended an estate planning seminar at Hillcrest and learned about Charitable Gift Annuities. She decided to see how they might apply to her situation.
Mary had a variable annuity that was providing her with about 4.5% income annually with very little risk. This was income that she depended upon to help her get by. But she also wanted to make a gift to Hillcrest. Could she afford it?
Mary found the answer. She redeemed her investment and put the cash into a Charitable Gift Annuity. She is earning over 11% income annually (as compared to 4.5%)... plus, 68% of her income is tax free... plus she received a charitable income tax deduction in the year she established the gift annuity, which was extra cash in hand for Mary. When she added all of this up she was getting an effective rate of 13.5% after-tax income... with no risk. Yes, no risk. Her 11+% income is guaranteed for the rest of her life.
When Mary is gone what is left in the Gift Annuity will go to help Hillcrest residents who outlive their financial resources and she will fulfill her desire of making a major gift to Hillcrest while increasing her income.
Is this too good to be true? No. It's true. You really can get more back if you give it away with Charitable Gift Annuities.
