Life Income Gifts
Continue the Legacy: Give and Receive Income
Dr. Joyce and Dr. Gary McKay wanted to make their gift in honor of Harold and Birdie Mosak, and the impact the Mosaks made on their personal lives as well their professions. They decided to continue the legacy of “educating for change” by creating an endowed fund to benefit to the Harold & Birdie Mosak Library campaign through a life-income gift.
A life-income gift is a gift plan for people who have the desire to give, but still want to retain cash flow. The most common forms of this gift are a charitable gift annuity and a charitable remainder trust, both of which have tax advantages.
Benefits of Life Income Gifts include:
- Secure, fixed payments for life
- A portion of your payments may be nontaxable
- Charitable income tax deduction for a portion of the gift
- Reduced capital gains taxes