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Understanding a Charitable Gift Annuity
Annuity Payments and Returns
Tax Benefits
Application Process Wills and Bequests
Charitable Trusts
Understanding a Charitable Gift Annuity What is a Charitable Gift Annuity? A charitable gift annuity is a simple contract between you and the Claretian Missionaries. In exchange for your irrevocable gift of cash, securities, or other assets, the Claretian Missionaries agree to pay you or another person whom you name a fixed sum for life. The older the designated annuitants are at the time of the gift, the greater the fixed income the Claretian Missionaries can agree to pay. In most cases, part of each payment is tax free, increasing each payment’s after-tax value. What are some of the benefits of taking a charitable gift annuity? You become partners in the mission and ministry of the Claretian Missionaries. A percentage of your charitable gift annuity can be deducted as a charitable contribution. A portion of the annual income received is also tax-free. What are some of the spiritual benefits I could receive? Perhaps the greatest benefit of a Claretian Charitable Gift Annuity is the personal satisfaction you receive by helping the Claretians, as well as yourself. Your gift annuity is invaluable in ensuring that our ministries continue. Your generosity will:
Annuitants are remembered in the prayers and Masses offered by the Claretian Missionaries throughout the world, and are automatically enrolled in the Claretian Perpetual Mass League. What are the different types of gift annuities that are available? Single Life Annuity: A Single Life Annuity is for one individual. The rate of return is determined by the age of the individual named in the contract, and is paid to this individual for life. Joint Annuity (Two-Life): A two-life annuity is jointly owned by two people. It provides payments to these two individuals for as long as either of them lives. Deferred Annuity: A deferred annuity begins payments at a later date, to be determined by the donor. The interest is compounded accordingly.
To arrange a charitable gift annuity, the services of an attorney are not required, though it is always wise to consult with your advisors whenever making a decision of this nature. How is the charitable gift annuity confirmed? A written contract is prepared and signed by the Provincial Treasurer of the Claretian Missionaries, Eastern Province. This is mailed along with a check receipt and tax information for your files. At what age am I eligible for the Claretian Charitable Gift Annuity Program? The Claretian Missionaries Charitable Gift Annuity program has a minimum age requirement of 60 years for basic and deferred gift annuity arrangements. Annuity Payments and Returns How often will the payments be made? Payments can be made:
The payment schedule is based on your preference. No. The rate you receive on your contract is fixed and remains constant for life. The age of the person and the type of annuity determines the payment rate. Rates are determined by your current age and your life expectancy. The rate paid on any contract is guaranteed as long as you live. To view a chart of Guaranteed Single-Life Charitable Gift Annuity Rates, please go here. Can I convert my other assets (marketable stocks, bonds, real estate) into a Claretian Charitable Gift Annuity? Yes. We will be happy to discuss these options with you. No, your annuity is an irrevocable gift. Government regulations require that charitable gift annuities be irrevocable. Why is there a lower payout rate for a two-life charitable gift annuity? The rate is lower for a two-life charitable gift annuity because payments will provide lifetime benefits for more than one person. Tax Benefits Is my contribution to a Claretian Missionaries Charitable Gift Annuity tax-deductible? A percentage of your gift annuity can be deducted as a charitable contribution. A portion of the annual income received is also tax-free. Exact figures for each annuity are based upon current Internal Revenue Service regulations. What guarantee do I have that I will receive my payments? The Claretian Missionaries take our annuity obligations very seriously. We can proudly say that we have never missed a payment to our annuitants. Our annuity obligations are managed and invested wisely. Application Process For an application form, please click here to download it. What is the minimum amount for a Claretian Missionaries Charitable Gift Annuity? You can start a charitable gift annuity with a minimum of $1,000. Wills and Bequests What is the legal title for the Claretian Missionaries? The legal title is Claretian Missionaries (Legal Title: CLARETIANS, INC.) 205 West Monroe Street, Chicago, IL 60606. Are the Claretian Missionaries a tax-exempt organization? Yes, the Claretian Missionaries are tax-exempt by virtue of a group ruling issued by the United States Treasury Department, Internal Revenue Service, with respect to the tax status of organizations listed in the Official Catholic Directory. Contact us for our tax identification number. Where do I find an attorney to assist me with my Will and/or estate plans? Most states have a Bar Association that you can contact to inquire about attorneys who specialize in estate planning. You might also ask for recommendations from friends and relatives who have already made Wills and estate plans. Charitable Trusts What is a Charitable Remainder Trust (CRUT)? A charitable trust that provides a variable amount of income for one or more lives (or a specified number of years) with the remainder of the trust going to the Claretian Missionaries. What is a Charitable Lead Trust (CLT)? A charitable trust that provides income to the Claretian Missionaries for a period of years after which the remainder of the trust is given back to the donor or to another person(s). What is a Charitable Remainder Annuity Trust (CRAT)? A charitable trust that provides the donor or someone else with a fixed amount of income each year during the duration of the trust. How do I arrange a charitable trust? When you are considering your estate plans, it is important to consult financial advisors regarding your arrangements. Often, your bank has a trust department and the trust officer will be happy to assist you in creating the type of trust that best suits your needs and your charitable intentions. How do I name the Claretian Missionaries in my trust? When naming the Claretian Missionaries in your trust, please use our legal title. |
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