A donation may be made directly to the CCIM Foundation or the Foundation can assist with the donation to a chosen charity. A charitable gift annuity is when a donor transfers a gift of cash, securities, or real estate to a charitable organization in exchange for a guaranteed life income under a contractual agreement. The annuity may be single for one life or a joint annuity for the life of the donor and another person such as a spouse.
The gift connected to the CGA is irrevocable to benefit the donee organization. A charity receives the asset, sells it if necessary, and contributes the proceeds to a gift annuity reserve to make payments to the donor. The amount of the charitable deduction for the donor depends on the ages of the annuitants, the annuity rate, and the value of the gift. A portion of the annuity income may be received by the donor tax-free as a return of principal. The remainder will include ordinary income and capital gains.
The charitable organization generally issues a Form R, detailing this information. The amount of the payment to the donor is fixed so there is no inflation protection. CGAs are not insured like bank accounts and certain other investments, so if the charitable organization becomes insolvent and is unable to make annuity payments, there is no recourse for the donor.
She lives in PA. I live in FL year round and pay the taxes on the home, I want to add my name to the deed to take advantage of the homestead exemption and other exemptions available. I was told to file a quit claim deed to add my name. Will she be liable for additional taxes or is there another way to do this? Hello David, good question. The gift tax usually may or may not be an issue depending upon whether your sister has done a lot of gifting.
Proceed I suggest she connect with a PA estate attorney first to ask about the gifting and thereafter proceed with caution. Also, you could lease the property and still get homestead or perhaps she can grant you a life estate. Enter your email address below get access to this free eBook. Now you can get the insight needed to take charge of your family wealth protection plan and your future.
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