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Too Good To Be True?

by | May 9, 2019 | News & Notes

Charitable Gift Annuities and Tax-Free Income

Everyone likes opportunities for more income, but no one wants to pay additional taxes.

Through a charitable gift annuity (CGA), you can bless the work of Love INC AND receive regular payments for the rest your life – most of it tax-free.

Is this too good to be true? No!

This life income arrangement is based on an IRS formula that considers part of your income as a return on your original gift. That means a percentage of any income from a CGA is tax-free to you.

For example, Betty, a 74-year-old, makes a $20,000 gift for a CGA. She will receive over $1,200 each year, and of that amount, approximately $840 will be tax-free.

Is a charitable gift annuity the right giving solution for you?

Contact Carrie Childerston at 616-662-3300 or [email protected] to learn more about gifts that provide income for life and to request your personalized proposal for what your payments from a CGA would be.

It’s quite incredible that all of this happens almost every day, and every week, by diligent volunteers who embody our diligence core value.

Not only is there a large variety of “things to do,” but also a deep investment by those who say yes to volunteering. Most volunteers serve weekly, some even daily, spending hundreds of hours donating the gift many of us hold most tightly – the gift of time.

In 2023 alone, 420 volunteers invested 49,120 hours – a value of $1.5 million! 

Our core mission is to love, serve and connect with dignity as we follow Jesus Christ closely, watching how he transforms lives – and we often highlight the transformation happening through our Life Skills Program.

What we often forget to highlight is that God is also transforming lives through volunteerism, giving community members purpose, friendship, creativity, and belonging. Here at Love, we believe everyone has something to offer.

If you are a volunteer, at Love Your Neighbor or elsewhere, thank you for this priceless gift!

Check out this volunteer video to learn more about volunteering at Love Your Neighbor.