Charitable Gift Annuities

How can you give to Whidbey Presbyterian Church and receive an annual income in return? Immediate Gift Annuities and Deferred Gift Annuities are ways you can make a gift to Whidbey Presbyterian Church and assure yourself of a tax deduction and a guaranteed annual income for life. With an Immediate Gift Annuity, you transfer money or property to Whidbey Presbyterian Church. Then, Whidbey Presbyterian agrees to pay you a fixed annual income for life. Your income will depend on the amount of the gift and your age. Plus, you receive a tax deduction for your contribution, less the value of the income paid to you by Whidbey Presbyterian. You also can arrange for Whidbey Presbyterian to pay income to your survivors.

Here’s an example:

Jane, a retired school teacher, has $20,000 in the bank. She wants to help the Church, but she also wants the security of a guaranteed annual income. By establishing an Immediate Gift Annuity with Whidbey Presbyterian Church Wills and Endowments, Jane will receive a fixed percentage return on her gift based on her age. Since Jane is 74, her annual income will be $1,500 for the remainder of her life, of which $774 is tax-free. In addition, she can deduct $9,789.40 from her taxes the year in which the Annuity is established.

A Deferred Gift Annuity allows you to maximize your tax deduction by deferring your income for a certain amount of time. The longer the income is deferred, the greater your annual income and tax deduction.