A Charitable Gift Annuity is a combination of a gift to Carson-Newman and an annuity. A Gift Annuity provides guaranteed fixed lifetime income to the donor and a beneficiary if one is chosen. Cash or appreciated property may be used. The annuity amount you would receive is fixed and will not change regardless of current investment or market conditions. The combination of partially tax-free income and the initial charitable deduction makes this agreement quite attractive.
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The Deferred Gift Annuity is the same as the Charitable Gift Annuity, except that income payments begin at a future date. Many Americans have taken advantage of generous tax incentives to save for their retirement years. If an individual names someone other than his or her spouse or a charitable organization as the beneficiary of a retirement plan at his or her death, heirs may be left with less than 30 cents on the dollar from the plan. This tax bite makes retirement assets one of the worst to leave children, but one of the best for a charitable gift. The donor has complete use of the asset during his or her lifetime.