"Wealth hastily gotten will dwindle, but those who gather little by little will increase it." Proverbs 13:11
LIFE INCOME GIFTS
A lifetime income gift is set up in a way that you contribute assets to the Foundation while retaining the right for you or someone else to receive an income. If you fund your life income gift with property that is appreciating, you can avoid immediate capital gains taxes and allow the full value of the property or other asset to generate income. Additionally, you are allowed a charitable income tax deduction equal to the present value of the remainder interest being paid to the Westminster Foundation. Once the income interest ends, the Foundation will benefit from the remaining funds.
Charitable gift annuities are the type of lifetime income gift currently accepted by the Foundation. These can be structured to fit a range of needs, such as a choice between producing a fixed rate of income or a market-sensitive rate.
A charitable gift annuity is an irrevocable contract between you and the Foundation. We would create a simple contractual agreement by which you transfer assets to the Foundation in exchange for the Foundation's assurance that you or your designee(s) will be paid a guaranteed fixed sum each your for the rest of your life. You or your designee in this case are referred to as an "annuitants." The Foundation then begins paying you immediately or you may opt to delay the payments. Generally the amount of these payments is based on the age of the annuitant,with these fixed payment amounts set higher the older the annuitant.Upon the death of the annuitant (whether you or a loved one so designated), the principal of your gift is retained by the Foundation.