The plan allows the donor to make a gift to the Congregation and receive fixed annual payments for life. The donor receives a tax deduction for a portion of the gift. If stocks or other properties that have increased in value are given, the realized capital gains are reported over a number of years. The gift annuity agreement can be easily completed by mail. A portion of the gift provides an income tax deduction and any capital gains taxes on appreciated property are deferred or, in some cases, avoided.
Trusts can also benefit estate plans.
Since there are substantial tax penalties for having too much money left in a retirement plan, naming a nonprofit organization could be beneficial. The Adrian Dominican Congregation can be named first, second or last beneficiary for part or all of a retirement fund. For advice and assistance in making a planned gift, consult an attorney or another professional advisor. State laws affect wills, trusts and charitable gifts made in contractual agreement. The explanatory material given on these pages is not meant to offer legal or tax advice.