Bequest Charitable Gift Annuity—Immediate Charitable Gift Annuity—Deferred Charitable Lead Trust Charitable Remainder Annuity Trust Charitable Remainder Unitrust Life Insurance Retirement Plan

Related Links

 · 

Gift illustration

 · 

Gift example

 · 

Deferred gift annuity

 «

Back

Charitable Gift Annuity — Immediate
(Complete gift description)

A charitable gift annuity is a simple contract with the University of Virginia Foundation, which in exchange for your contribution of cash, stock, real estate or other property agrees to pay one or two people you designate a fixed annuity for life. As donor, you can also be one of the annuitants, or you can create the annuity for someone else. If there are two annuitants, payments can be made to them jointly or successively.

The annuity amount will be fixed at the time you fund your contract and will be based on annuitant age and the maximum recommended rates set forth by the American Council on Gift Annuities. The payments will not be affected by investment performance or changes in interest rates over time, are typically made in quarterly installments, and are backed by the University of Virginia Foundation.

At the end of the contract term, the remaining contract amount will be distributed to the Law School Foundation to be applied to the purposes you designated when you made your gift.

Am I eligible to establish a gift annuity?

An annuitant must be at least 55 years old to receive payments from an immediate gift annuity. If you are younger, a deferred gift annuity might meet your needs.

The University of Virginia Foundation is able to offer gift annuities in most but not all states. We are currrently unable to offer gift annuities to residents of the following states: AK,CA, HI, IL, IA, KS, MN, NJ, NY, and WA.

What annuity rate will I receive?

Like most charities, the University of Virginia Foundation offers the maximum charitable gift annuity rates recommended by the American Council on Gift Annuities. The rate is multiplied by the value of your initial contribution to determine the amount of your annuity payment. Click here for a summary of current ACGA rates.

Note that if you defer the start date of your annuity payments for at least a year, your rate (and deduction) will be higher. Learn more about deferred gift annuities.

Benefits

* Note: Capital gain and tax-free income benefits are in effect only during the period defined as your remaining life expectancy as determined on the contract date. If you live longer, the entire annuity payment will be taxed to you as ordinary income.

How do I create a charitable gift annuity?

The University of Virginia Foundation will provide a draft of the charitable gift annuity agreement for your review. As always, we encourage you to seek the advice of your attorney or financial advisor.

Planning points

For more information

Email us, or call us at 877-307-0158 (toll free) or 434-924-4514 (direct) so that we may answer your questions and help you through the process.


The materials provided in this website and the examples contained herein are for illustration purposes only and are not intended as legal or tax advice. We encourage you to consult your own legal and tax advisor.