University of Michigan Kellogg Eye Center | 1000 Wall Street, Ann Arbor, MI 48105 | 734.763.8122
Copyright © Regents of the University of Michigan
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Charitable Gift Annuities University of Michigan donors are now taking advantage of a popular charitable giving opportunity. A charitable gift annuity provides a fixed income for life while benefiting a designated department, school, unit, or scholarship within the University.A charitable gift annuity is simply a contract between a donor and the University for a specified amount. In exchange for a gift of cash or marketable securities, the University pays the donor a specified annuity for as long as he/she lives. This popular philanthropic model is very appealing because it is simple, it provides an immediate income tax deduction and capital gains tax savings, and it yields rates that may be higher than many investment returns. There are two forms of charitable gift annuities: a current gift annuity and a deferred gift annuity. The minimum amount to set up either one is $10,000. A current gift annuity starts paying out within a year of the agreement. In order to set one up you must be at least 50 years old. A deferred gift annuity may be created before the age of 50. However, payouts do not begin until the donor reaches the age of 50 or later, as designated by the agreement. If a deferred gift annuity is created at age 50 or later, it will begin making payments to the beneficiary one year or more after the contract is established. A deferred gift annuity still qualifies for a current year tax deduction. Charitable gift annuities are a simple way to support a worthy program at the UM while assuring yourself a fixed income for life. If you are interested in obtaining more information on charitable gift annuities please call us at (734) 615-0243. |
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University of Michigan Kellogg Eye Center | 1000 Wall Street, Ann Arbor, MI 48105 | 734.763.8122
Copyright © Regents of the University of Michigan |