CHARITABLE GIFT ANNUITIES
A Charitable Gift Annuity involves a contract between a donor and a charity, where the donor transfers cash or property to the charity in exchange for a partial tax deduction and a lifetime stream of annual income from the charity. Following the donor’s death, the charity keeps the gift.
A charitable gift annuity enables a donor to transfer cash, marketable securities or real estate to the charitable organization issuing the gift annuity in exchange for a current income tax deduction and the organization’s promise to make fixed annual payments to the donor for life. Annuity payments can begin immediately or can be deferred to some future date.
A charitable gift annuity is implemented as a contract under which a charity, in return for a transfer of cash or other property, agrees to pay a fixed sum of money for a period measured by one or two lives. The person who contributes an asset for the annuity is called the “donor”, and the person who receives payments is called the “annuitant” or “beneficiary.” Usually, the annuitant is also the donor, but this is not always true. The maximum number of annuitants is two, and payments can be made to them jointly or successively.
- Contact Honor Flight Chicago’s administrative office at 773-227-VETS (8387) for additional information on advance giving.
- Seek the advice of your financial or legal advisor.
- If you include Honor Flight Chicago in your plans, please use our legal name and federal tax ID.
Legal Name: Honor Flight Chicago
Address: 9701 W Higgins Road, Suite 310 Rosemont, IL 60018-4703
Federal Tax ID Number: 26-1978570
The information on this website is not intended as legal or tax advice. Please consult an attorney or tax advisor for such advise.