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Gift Annuities: A Way to Give Back, a Way to Receive Income

Jennie Kyle smilingSeveral Otterbein North Shore residents have stepped forward to create charitable gift annuities with Otterbein. These gift arrangements will provide them with fixed payments for life and support Otterbein after their lifetimes. Some see it as an investment in the place they call home. Others see tax benefits, while all see the opportunity to help Otterbein—a place they love.

Jennie Kyle
Jennie Kyle and her husband, Bob, were the first people to move into a patio home at Otterbein North Shore in 1996. Although Bob died shortly after, Jennie has called this community on the Marblehead, Ohio, peninsula home ever since.

"When I was approached to do a gift annuity, I saw it as an investment and as an opportunity to help. I wouldn't want to live anywhere else, so I see it as an investment in my home," Jennie says.

Otterbein North Shore is convenient for Jennie's two sons, their wives, her grandchildren and multiple great grandchildren to visit, and they arrive regularly to shower her with love and attention.

Jennie also enjoys watching the wildlife from her sunroom that backs up to a wooded area. "It's the nicest room in the house—light and airy—and I see deer, bunnies, squirrels and even a coyote the other day," she says. "I'm right where I want to be!"

Forest Carter
If there's anything Forest Carter believes in, it's giving back. In a previous issue of Opportunities, Forest saw the benefit of a gift annuity for Otterbein North Shore and for himself. He promptly sought out the development director and asked for details.

"What more could I ask? I gave a nice donation to Otterbein, got a big tax credit and a monthly check," Forest says. "I've lived here a long time and if I can help enhance the place, make it more beautiful than it is, then so be it!"

Forest is a deeply kind and generous man, with a marvelous sense of humor. Otterbein North Shore is home to Forest. He plays shuffleboard daily, takes the bus to church on Sunday and has morning coffee in the Wood Shop with friends. Forest supports 100 percent of Otterbein North Shore's campaigns for campus improvement. His love of his surroundings and his friends shows through in all of his deeds and words.

Jo Juett
Jo Juett is Otterbein North Shore's biggest cheerleader. "I love it here, sweetie," she says to everybody. "Everyone is so nice and there's always something fun to do."

Jo is always the first person to step on the bandwagon and promote Otterbein and its surroundings. The fact is she doesn't need a reason to brag about Otterbein, it just comes naturally.

When Jo was approached to establish a gift annuity, she immediately saw the benefit—so much so that she has done more than one. "When I received my first annual check last December, it was such a nice surprise that I donated part of it back to the Tree of Hope!" she says.

A member of the welcoming committee, Jo is one of the first people that new residents meet. Her charm and warmth help new residents feel comfortable and at home. No one is a stranger to Jo.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Otterbein Senior Lifestyle Choices a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Otterbein Senior Lifestyle Choices, a nonprofit corporation currently located at Lebanon, OH, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Otterbein or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Otterbein as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Otterbein as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Otterbein where you agree to make a gift to Otterbein and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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