By setting up a gift of real estate to Whidbey Presbyterian Church Wills and Endowments now, rather than in your Will, you will receive an immediate and significant tax deduction in exchange for our future right to receive your property. You can also give an "undivided interest" in property that you own and receive an immediate income tax deduction.

Here’s an example:

John is 77 years old and Susan is 75. They own the home in which they live, having paid off the mortgage ten years ago. John and Susan plan to live in their home, but they would also like to leave a generous gift to Whidbey Presbyterian Church. So, they donate their home while retaining their right to live there for the rest of their lives. Since their home is currently worth $200,000, they are entitled to an income tax deduction of $60,000 to $70,000. The arrangement also can reduce estate taxes.

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.