Discover a Gift That Gives Back
For Dr. Richard Weiss '55, GP '17, '18, '21, The Pingry School was a transformative experience. Able to parley his experience into an Ivy-League education, successful medical practice, and much, much more, Richard has decided to give back to Pingry through a planned gift.
"You can't go wrong with a charitable gift annuity," Richard says. "It's a win-win."
Unlike estate gifts, a charitable gift annuity, or CGA, can provide immediate benefits for the charitable institution as well as the donor. Using cash or other charitable assets to purchase the gift annuity, the donor makes a contract with the charitable organization to receive an annuity in exchange for the gift, to be paid to the donor or to somebody else the donor designates. This is normally calculated based on the estimated life expectancy of the annuity recipient so that the charitable organization ends up with about half of the initial gift-with older donors reaping greater returns. Additionally, a portion of the annuity payment will be tax-free until the statistical life expectancy is reached-and you can take advantage of the tax benefits of having made a charitable donation immediately.
Considering that pre-tax assets, estates, and required minimum distribution (RMD) withdrawals can all be used to secure a CGA, this form of planned giving can provide a measure of financial stability-particularly after RMD is instituted after the age of 701/2. The RMD capital can be donated, dollar-for-dollar, up to $100,000; instead of paying taxes on this money as ordinary income, it can be donated to an outside charity with no tax implications.
"Really I hope that our gift sustains the current course of Pingry," says Richard, and as an alumnus and current grandfather of Pingry students, "I couldn't be prouder or more happy."
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. 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. 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. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.