Gifts That Provide Income
You can give and get! In a Charitable Gift Annuity, you and the Visual Arts Center of New Jersey agree to exchange your irrevocable transfer of cash or securities to the Visual Arts Center of New Jersey for a fixed income payment to you—for life. The gift also entitles you to an immediate charitable income tax deduction. At the end of its term, the annuity balance goes to the Visual Arts Center of New Jersey to support its mission. No wonder the Charitable Gift Annuity is one of the most popular of all planned gifts!
Charitable Gift Annuities are great for donors who want to make a gift but need retirement income now in order to take care of current or anticipated expenses. Typically, this is for conservative donors who are cash conscious or who are concerned about their own or a spouse’s needs as they age. Donors who are concerned about their children’s retirement may be interested in funding a deferred flexible gift annuity for their children’s benefit.
A charitable remainder unitrust is a separately invested and managed charitable trust that pays a percentage of its principal, revalued annually, to you and/or other income beneficiaries you name for life or a term of years (up to a maximum of 20). You receive a charitable income tax deduction for a portion of the value of the assets you place in the trust. After the unitrust terminates, the balance or “remainder interest” goes to the Visual Arts Center of New Jersey to be used as you designate.
You like flexibility. You can use almost any asset to fund a unitrust, including cash, publicly traded stocks and bonds, closely held stock, partnership interests, and real estate. You can tailor your unitrust to meet many financial or estate planning goals. You can choose to receive income beginning immediately or you can structure the trust and its investments to defer most of your income to a future time (a Flip Unitrust). Due to the slightly complex nature of this gift, it’s best to discuss it with your financial advisor or attorney.