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Happening ... in the Local Church
By
Michael Pirnat
Special to The Catholic Moment
Charitable gift annuities are popular because:
• Only a simple agreement between you and the charity is required, with no cost to establish and no cost to maintain;
• They require only a modest contribution — you donate cash or marketable securities, you receive an income tax charitable deduction, and any capital gains tax may be spread out or reduced;
• The charity pays income for life, and the income may be partially federal income tax free.
The many donors who have contributed to a charitable gift annuity at the Diocese of Lafayette-in-Indiana are pleased that their annuity payments are larger than the income available from money market funds, CDs or stock dividends. Their income is “locked in” and will remain constant even though other rates are falling.
Like the vast majority of charities around the country, the diocese uses the charitable gift annuity rates set annually by the American Council on Gift Annuities.
The council considers many investment and economic factors in setting the rates, to make certain that the charities and donors are protected for the long term. Their careful deliberation ensures that the charities will be able to meet their commitments of paying steady incomes for the lives of their annuitants.
However, with the steady drop in interest rates these past few months, it is certain that the council will set much lower annuity rates when they meet later this spring.
So, if you are thinking about starting a charitable gift annuity to benefit your parish, the diocese or other diocesan organization, it may be wise to take advantage of the high rates that are still available.
You can “lock” those higher rates in before June and receive a larger annuity payment for the rest of your life.
For more information or to establish a charitable gift annuity for the Local Church, call 800-617-7466 or 765-742-7000 or e-mail mpirnat@dioceseoflafayette.org.
Michael Pirnat is planned giving officer for the Diocese of Lafayette-in-Indiana.