TWO ANONYMOUS DONORS
Why Give Now?
Two anonymous donors reflect upon how to serve donors and the Church, via the Foundation, today while preparing for the future.
Have you struggled with a desire to support Mile Hi Church now but need your retirement money to provide you an income as well? Is there a way to reconcile these two things? The answer is yes! Like you, we were in that exact position. Here is what we decided to do and how we got there.
As I’m sure you do, we plan to be around for many more years, wandering planet Earth. And yes, we saw the value of designating a significant piece of our “last and final donation” to provide for the church’s future via the Mile Hi Church Foundation endowment now, rather than later.
At the same time, we wanted to be sure we had income that would continue after shifting a portion of our retirement savings to the endowment, so we chose to use the Charitable Gift Annuity as the means to make a current donation. In other words, after a considerable amount of thought, prayer, and discussion, we decided to board the Giving While Living train in a way that best suited our needs and those of the church.
While we each chose to set up our own annuities with a mixture of cash and securities a couple could do just one, if they so chose. The annuity payments you receive may be set up to end at a specified time you select. You may also choose to have annuity payments continue with the surviving spouse, should one transition before the other.
With these annuities, the annual payment amount to be received by each of us, as the donors, is set up in the annuity agreement and is based on IRS formulas and payout rates that depend on our age at the time we established the annuity donations.
We met with Charlie Goldsmith, the Foundation’s planned giving expert, at our home, to discuss options for making our gifts. Charlie has access to a planned giving software program that greatly facilities that process, providing clear visuals to understand the different ways of funding planned gifts.
We quickly verified that with the annual payments to us from the annuities, balanced against the expected earnings and appreciation derived from each gift, the Foundation would still receive, over time, the full amount of each gift, while we received the annual income we wanted. Charlie was a real pro and answers our questions in a way that we could understand, the agreements were clear, and transferring funds to the endowment was simple and easily done. Charlie provided the necessary documents, and all we had to do was sign them. It was a real win-win situation.
While the gifts we made today may modify the amounts we had specified in our wills, we decided it was better for the endowment’s growth and the church’s future to make the gifts now rather than (hopefully) much later. The beauty of the process is that it is tailored to each individual’s or couple’s unique circumstances. It opens up possibilities that may otherwise remain unknown. This is why we wanted to tell our story.
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