LSS Foundation
Planned Giving Program
Planned Giving differs from other types of fund-raising initiatives in that Planned Giving is a service that is offered to donors to assist in their estate planning needs while other fund-raising is generally focused on asking the donor for a gift. Although investment opportunities exist, donor intent must be the motive, not income or tax benefits. Once charitable intent is established, LSS will promote opportunity to make a gift that is in accordance with the donor's estate planning needs.
The LSS Foundation's Planned Giving Program
focuses on the following 3 types of planned gifts:
- Life Income Plans
- Charitable Gift Annuities
- Bequests
- Life Insurance
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The Juliet Anderson Rosch Society
was created in 2005 to recognize our generous donors who have established a planned gift to benefit those we serve at Lutheran Social Services. Planned gifts include bequests in wills and trusts, life insurance, and charitable gift annuities. You will find information on these gifts below, or you can call Gwen Axelson at 716-665-8137.
Please click this link to download a copy of the Rosch Society brochure.
LIFE INCOME PLANS
Charitable Gift Annuities
SUGGESTED CHARITABLE GIFT ANNUITY RATES
Approved by the American Council on Gift Annuities
December 31, 2009
Effective February 1, 2009 through June 30, 2009
Charitable Gift Annuity Rates - Single Life
| AGE
| RATE |
| AGE | RATE
|
|---|
| 62 | 5.1 % | | 77 | 6.6 %
| | 63 | 5.2 % | | 78 | 6.7 %
| | 64 | 5.2 % | | 79 | 6.9 %
| | 65 | 5.3 % | | 80 | 7.1 %
| | 66 | 5.4 % | | 81 | 7.3 %
| | 67 | 5.4 % | | 82 | 7.5 %
| | 68 | 5.5 % | | 83 | 7.7 %
| | 69 | 5.6 % | | 84 | 7.9 %
| | 70 | 5.7 % | | 85 | 8.1 %
| | 71 | 5.8 % | | 86 | 8.3 %
| | 72 | 5.9 % | | 87 | 8.6 %
| | 73 | 6.0 % | | 88 | 8.9 %
| | 74 | 6.1 % | | 89 | 9.2 %
| | 75 | 6.3 % | | 90+ | 9.5 %
| | 76 | 6.4 % | | |
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NOTES:
- 1. The rates are for ages at the nearest birthday.
- 2. For immediate gift annuities, these rates will result in a charitable deduction of more than 10% if the CMFR is 2.4% or higher, whatever the payment frequency. If the CMFR is less than 2.4%, the deduction will be less than 10% when annuitants are below certain ages.
- 3. For deferred gift annuities with longer deferral periods, the rates may not pass the 10% test when the CMFR is low.
- 4. The new rates will qualify for all immediate gift annuities at all ages for a CMFR of 2.4% or above. In the case of deferred gift annuities, there may be a few instances in which rates based on the ACGA’s suggested schedule and methodology do not qualify when the CMFR is quite low. In those instances, the deferred rates would have to be reduced to qualify.
A Charitable Gift Annuity is a life-income contract between a donor(s) and the LSS Foundation. The donor(s) irrevocably transfers cash or negotiable securities to the LSS Foundation. In return, the LSS Foundation guarantees to pay the donor(s) fixed payments for life based on the age of the donor at the time of the gift. Under the terms of a charitable gift annuity agreement, your gift provides you with regular payments that never decrease in size or frequency, regardless of changes in the economy. Payments are backed by the assets of the LSS Foundation.
The ELCA Foundation (Evangelical Lutheran Church of America) administers our charitable gift annuity program, and all annuity payments are backed by the assets of the ELCA Foundation.
For more information on the ELCA Foundation, please click here:
www.elca.org/fo
Characteristics
- The LSS Charitable Gift Annuity can be established with a gift of $1,000, which will go to LSS upon the death of the donor(s) and make a lasting contribution in accordance with the donors' philanthropic goals.
- The donor(s) receive an immediate charitable contribution deduction for a portion of the gift principal based on IRS tables.
- The donor receives a portion of the annuity payments tax-free based on IRS tables.
- The Charitable Gift Annuity may have one beneficiary (single life) for the payments or two beneficiaries for the payments (husband and wife). The payments continue until the death of both beneficiaries.
- The annuity payment often exceeds other common forms of investment, e.g. Certificates of Deposit and the payment rate is based upon an industry standard for annuities, which is a factor of the chronological age of the donor at the time of the gift.
- If you do not currently need more income but are concerned that you may possibly need additional income in the future, consider a Deferred Charitable Gift Annuity. This plan allows you to receive tax benefits today, but directs that payments not begin until a future time. Your interest rate will lock in at the time you elect to begin receiving payments, resulting in a higher payout rate because rates increase with age.
Click Here for our CGA Brochure.
BEQUESTS
Bequests are the most commonly used means of giving a major planned gift to perpetuate the donor's charitable interests beyond his/her lifetime. A Bequest can be in any form - cash, securities, real estate, etc. The additional benefit to the donor is a sizable estate tax deduction upon the death of the donor.
Characteristics
- Revocability - you can change your mind.
- No income tax deduction during lifetime.
- Estate tax savings through a charitable deduction in taxable estate.
(Bequest Language)
LIFE INSURANCE
Life Insurance is an especially easy way for less affluent donors to give to their favorite charity, often exceeding their means otherwise.
Characteristics
- By giving up all incidents of ownership in a life insurance policy to LSS (right to borrow against it, right to change beneficiary, etc.), a donor may claim a deduction on her/his income tax for premiums as they are paid.
- Irrevocable - you have given ownership to LSS.
- No estate taxes as the estate no longer owns the policy.
- In the event the donor becomes unable to pay the premiums, LSS may have the option of paying the premiums.
Please call Gwen Axelson,
at 716-665-8137 for a no obligation proposal.
The LSS Foundation has software that will run the calculation to illustrate
the personalized gift annuity options and tax benefits for you.
You can easily send a gift by using This Form !
or
Donate onLine to us by clicking one of the links below:
You can also make a gift to LSS with your credit card over the phone
by calling Gwen Axelson directly at 716-665-8137.
All information is strictly confidential.
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