Charitable Gift Annuity (A Life Income Gift)
One example of a “life income gift” is a Charitable Gift Annuity, which is a simple contract between you and Playhouse Square. The Charitable Gift Annuity works like this:
In exchange for your irrevocable gift of cash or other assets, Playhouse Square agrees to pay you (or you and one other person) a fixed income each year of your life. The payments are guaranteed and are not affected by the ups and downs of the economy. Payout rates are based on your date of birth.
A Charitable Gift Annuity is appropriate for individuals aged 60 and older. For those individuals under age 60, we recommend a Deferred Charitable Gift Annuity. (Contact Playhouse Square for specific information about a Deferred Charitable Gift Annuity.)
A minimum gift of $10,000 is required to participate.
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How do I benefit?
- Fixed payments for the rest of your life
- Payments are not affected by the ups and downs of the economy
- An immediate charitable income tax deduction for a portion of your gift
- Part of your annual income is tax-free
- Possible reduction in estate taxes
- Reduction in capital gains taxes if stock is used to create your annuity
- Recognition through Playhouse Square’s legacy society (The Muse Society)
- Invitation to an annual recognition event
Step-by-Step Example of a Charitable Gift Annuity for an Individual Aged 70
- You transfer $10,000 to Playhouse Square to establish a Charitable Gift Annuity.
- The gift annuity pays a FIXED and GUARANTEED income at 5.1% for life.
- You receive an annual payment of $510, a portion of which is tax-free.
- You receive a one-time federal income tax deduction in the year of your gift.
Payout Rate Chart
This chart reflects estimated yields and deductions. We encourage you to consult your personal financial planner regarding exact tax benefits.
Request a confidential proposal or information
Understanding your options with charitable gift annuities is step number one. If you would like to receive a confidential proposal designed specifically for you, please click here to contact us.