A Smart Gift to Leave to CommunityGiving
We Can Receive Your Commercial Annuity Tax-Free
Like retirement plan assets, commercial annuities provide for tax-deferred growth while the owner is living. Because distributions from commercial annuities are subject to income taxes, they are often considered among the best assets to leave to charity. Due to our tax-exempt status, CommunityGiving can receive your commercial annuity completely tax-free. The best way to give a commercial annuity to create a charitable fund at your local community foundation after your lifetime is to name your fund and CommunityGiving as beneficiary.
Upon withdrawal, a distribution from a commercial annuity will be subject to federal income tax and applicable state income tax. By naming CommunityGiving as beneficiary, we can receive your commercial annuity completely tax-free and any assets contributed to us in this manner will result in a charitable deduction and help reduce any estate tax your estate might incur.
Making this gift is as simple as updating your beneficiary form with your bank or insurance company. You can designate CommunityGiving and your charitable fund as the primary beneficiary for a percentage or specific amount. You can also make CommunityGiving and your charitable fund the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.