Your act of generosity, our longevity.
With gift planning, you can provide long-lasting support for our organization while enjoying financial benefits for yourself.
Gift Planning
Flexible Deferred Gift Annuity
Luis is a 54-year-old executive at a large healthcare company in Richmond.
He purchased company stock during years when the stock price was low, and
now the stock has grown substantially in value.
Luis and his spouse, Maria, sold a vacation home earlier this year and are
looking for a way to offset the capital gains tax owed from the sale. Luis
enjoys the challenge and responsibility of his job and is not quite ready
to retire, but he is looking at planning options for retirement.
Maria:
We needed a charitable deduction to avoid paying the taxes we owed from the
sale of our second home. While Luis invested his energies at work, I spent
years volunteering as the ambassador in our church for Boys Home, a
wonderful place near Covington, Virginia. We wanted to find a way to make a
special gift to help further its work this year, if possible.
Luis:
Maria and I were both in good health, and I still enjoyed working. We were
living comfortably on my current salary but were looking for ways to plan
for retirement. I wasn't quite certain when I would retire, so we wanted to
find an option that would let me be flexible with my retirement date.
Maria:
An attorney at Boys Home told us that a flexible deferred gift annuity
would help us meet our goals. Instead of selling our appreciated stock and
paying high capital gains tax, we could give it to Boys Home and receive an
immediate charitable tax deduction to offset our current tax bill. The
flexible deferred gift annuity would permit us to elect to begin taking
payments for life when Luis was ready to retire.
Luis:
We decided to set up the flexible deferred gift annuity. We received a
charitable tax deduction in the year that the gift was made and experienced
immediate tax savings. When I am ready to retire, we will contact our
favorite charity to begin payments, giving me the flexibility to continue
working as long as I would like. In addition, the flexible deferred gift
annuity makes it possible for us to receive a large portion of each payment
tax-free, and this is an attractive benefit! This is exactly the kind of
planning tool we needed. I can see why they call it "flexible."