Charitable Gift Annuity
Imagine you want to make a gift to charity, but you need regular payments to supplement your income. You, the donor, and a charity like the HaysMed Foundation can enter into a charitable gift annuity agreement. A charitable gift annuity (CGA) is a contract between a donor and charity. In exchange for a gift of cash or property, a charity agrees to make fixed payments for life. A gift annuity contract can begin making payments immediately (a current gift annuity) or defer payments for at least one year (a deferred gift annuity). In addition, the donor will receive an income tax deduction which may be used in the next tax return or spread over this year and up to five additional years. With the Tax Cuts and Jobs Act doubling the standard deduction, this gives the donor options to take the deduction from the CGA all at once or over a period of years. Learn more about receiving income for life while supporting your friends and neighbors health through the HaysMed Foundation by contacting Jeff Brull or Jayne Inlow.