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Step Charitable Gift Annuity Funded with Cash

SUMMARY

Gifting cash in exchange for an immediate gift annuity and a series of deferred gift annuities (“Step Annuity”) allows a donor to benefit charity, receive an income tax deduction, and enjoy a stream of income designed to increase on a biannual basis over a 10-year period.

STUDY

Jane Smith, age 55, wants to make a gift to the local community foundation she has supported for many years, but is worried her cash flow will not keep pace with inflation until age 67, when she plans to retire and begin taking Social Security payments.

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