In these turbulent financial times, either you or your loved one's income from investments
has likely diminished. Norwood Life Care Foundation offers a charitable gift giving vehicle that offers a higher return than most other investment options.
This opportunity is called a Charitable Gift Annuity, and it provides a guaranteed income for life. A Charitable Gift Annuity is a contract in which you exchange a gift of cash or securities for a guaranteed annual income each year for the rest of your life
. For seniors, rates may be 7%, 8%, or even higher
. Norwood Life Care Foundation makes charitable gift annuities available to those who are 65 years of age or older and can make a gift of at least $5,000.
Some of the benefits are:
- Higher interest than most other investments
- Guaranteed income for life, a portion of which is tax-free
- Capital gains tax savings for most stock gifts
- Membership in the Norwood Life Care Foundation Legacy Society
- Satisfaction knowing you have supported the programs and services funded by the Foundation
For example, an 82 year-old making a charitable gift of $10,000 might receive 7.2% interest, resulting in an annual payment of $720 for life
, a portion of which is tax-free. This is a substantial increase in income compared to a typical 2% stock dividend payout.
Would you like to learn more about Norwood Life Care Foundation's gift annuity program? Maureen McCarthy, our Foundation Director, can provide a tailor-made illustration showing you exactly how a gift annuity can work for you. Please contact Maureen at (773) 577-5367, or by email
, or click here
to send an email message via our server.
On January 1, 2013, Congress enacted the American Taxpayer Relief Act of 2012, which has some impact upon charitable giving. We know that supporting charities is important to you and therefore wanted to share this important news with you.
The legislation restores the Individual Retirement Account (IRA) Rollover Provision which allows individuals over the age of 70 ½ to make tax-favored gifts directly from their IRAs to qualified charities.
Such individuals can give any amount up to $100,000 and married couples up to $200,000. Gifts can be made only through IRAs, not 401(k) plans or other tax-favored retirement vehicles.
Gifts made by January 31, 2013 will be deemed 2012 gifts for tax purposes and will count towards 2012 minimum withdrawal requirements. Even if you have taken a withdrawal in December 2012, you can still gift all or part of the amount of the withdrawal as if it had been a direct distribution to charity that qualified as an IRA rollover gift for 2012, if you make your gift by January 31, 2013.
If you or someone you know might benefit from this arrangement, please contact Maureen McCarthy, Norwood Life Care Foundation Executive Director,
at (773) 577-5367 or via email through our Contact page.