Charitable Gift Annuities Provide Support Now and Into the Future
Lutheran SeniorLife has been providing quality care and services to older adults for more than 100 years. Our residents and program participants continue to benefit from these services today thanks, in part, to generous donations from those who share our passion for our mission of providing anAbundant Life® for seniors regardless of their physical condition or financial circumstances.
Retired pastor John Harman and his wife Stephanie are two such donors. Pr. Harman's mother Mary lived her Abundant Life® at Passavant Retirement Community from 1973 until her passing in 1986. During this time, they were grateful for the dignified and compassionate care Mary received.
"My mother was well cared for and with love," Pr. Harman said. "We were so appreciative of the staff who cared for Mom both physically and socially in a Christian environment."
When the Harmans received an unexpected financial gift, they decided to establish a charitable gift annuity to the Lutheran SeniorLife Foundation not only as an investment in their own retirement, but also to help current and future residents at Passavant Retirement Community live more abundantly. Through the charitable gift annuity, the Harmans receive an immediate tax deduction for the gift, and also a steady income. (See below for details.)
"But we look at it as more of a gift than an investment," Pr. Harman said.
The Harmans have also extended their generosity by including the Lutheran SeniorLife Foundation in their estate plans through a bequest.
"We were very happy that we could establish a charitable gift annuity for Passavant Retirement Community now, as well as include them in our will," Pr. Harman said.
Charitable gift annuities are easy to establish and are a good option for ensuring future charitable support for Lutheran SeniorLife, while providing annual income to you for the rest of your life.
You can donate a gift of cash or marketable securities, or in some cases real estate to establish a charitable gift annuity. In return, you receive a fixed amount of income for your lifetime, or if you choose, a term of years. The frequency and the amount of the payments are established at the time that the gift is created.
With a life income gift you can:
- Enjoy knowing the good your gift can do
- Receive an immediate charitable tax deduction
- Receive income for life or a term of years for yourself, your children or other loved one
- Bypass all, or a portion of, capital gains taxes
- Reduce or eliminate probate costs and estate taxes.
Donors must be 65 years of age or older. A minimum gift of $10,000 is required to establish a gift annuity to benefit Lutheran SeniorLife programs and services.
If you would like more information about charitable gift annuities, naming Lutheran SeniorLife in your estate plans, or other ways to give, please contact the Lutheran SeniorLife Foundation at (724) 453-6014.