Family obligations and the need to provide for retirement, coupled with the high cost of living, make it difficult for many people to consider substantial charitable gift now. But there is a way to have the satisfaction of making a meaningful lifetime gift without sacrifice. In fact, you can get current income tax and financial benefits. It is called a life income gift. You irrevocably transfer some assets to Mid-Coast Family Services now, and in return, you (and a survivor, if you wish) receive income life. As a result, the assets are used to carry out our mission.
By making a life income gift to Mid-Coast Family Services, you will receive the following benefits, in addition to the pleasure of knowing the good work your gift will do:
- A charitable deduction in the year you make the gift for the present value of our right to eventually receive the assets.
- Your effective yield is increased by substantial income tax savings.
- Income can be taxed more favorably in some plans.
- You unburden yourself of investment concerns.
- Your probate and estate administration costs may be reduced.
What are examples of life income plans?
- Charitable Gift Annuity
- Joint and Survivor Annuities
- Charitable Remainder Trust
- Pooled Income Fund