Mercy Home’s Planned Giving Director Angie Stochl unpacks the world of planning to shed light on how our friends can do ever more for our children while managing their assets. Find out more about our planned giving opportunities here.
Unexpected income. It’s usually welcome but somehow seems to cause an internal debate. Do I spend it? Do I save it? Do I give a little more to Mercy Home this year, or should I hold back in case I need the money in the future?
Well my friends, I have some good news—you can have your cake and eat it too! Whether your unexpected income comes in the form of a bonus at work, a particularly good sales month or an unanticipated inheritance, making a largerthanusual charitable donation can pay off for both you and the boys and girls of Mercy Home.
When you’re 45, 50 or even 60 years old, it’s hard to know what your future expenses are going to be. That’s why Mercy Home for Boys & Girls offers a flexible deferred gift annuity. With a flexible deferred gift annuity, you enjoy the tax benefits of making the gift this year and the peace of mind in knowing that, when you’re ready, you will receive payments—income back to you—for life.
You can “turn on” your income stream any time after the first contract year. The longer you wait, the higher the rate. Let’s look at an example: Janet is 55 years old and is a fourth generation teacher. Her father passed away this year and left her $100,000.
Janet wanted nothing more than to honor her father by establishing a named scholarship for the children of Mercy Home—a $50,000 commitment. However, she is worried about her future income needs. She is still teaching full time and isn’t sure when she is going to retire or what her expenses in retirement will be.
If Janet makes the gift this year, she will receive a charitable tax deduction of approximately $5,000 for her 2013 taxes. She can elect to begin receiving payments any time after the first full contract year. The longer she waits, the higher her rate and payment will be.