There are many different types of planned gifts. The common denominator involves the donor making a decision to provide for Regina now and not leaving it up to his or her heirs to make the decision….Aside from bequests, many people are not familiar with all of the ways to give  a gift and still provide for heirs.  Always consult your attorney or call Mr. Jim Conway for pro bono consultation. To make an appointment, call Kate Petrovic in the Advancement Office at 216-382-2110 x243.

The Charitable IRA

Avoid Income Tax   NOW
YET
ADD TO YOUR RETIREMENT INCOME!

Are you in the 40 – 60 age bracket?

The Charitable IRA provides you with guaranteed income at a later date and a significant tax deduction NOW!

How it works:

You give stock or cash ($5,000 minimum) to fund a deferred-payment gift annuity, starting at a future date that you select, for example, your planned retirement year, Regina agrees to pay you a fixed, secure, lifetime annuity.

Generally, the longer you wait to start receiving your annuity income, the larger your income payment will be.

Example: Margaret, aged 55, wishes to supplement her retirement income and make a future gift to Regina. She gives appreciated stock worth $10,000 to fund this plan and stipulates her Regina annuity payments should begin when she is 65.

• Starting in 2017, Margaret will receive $890 a year for life (8.9% based on current IRS formula).
• A portion of her annuity will be tax free, usually about 40% if cash is used.

      If appreciated assets fund your gift, some capital gains are avoided.

• Margaret also receives about a $5,200 tax deduction.

After her demise, Margaret’s annuity will benefit Regina. An endowment in Margaret’s name will continue in perpetuity.

For more information, click here to email Kate Petrovic.