Vintage

We have all been invited to participate in a conversation . . .
about the critical financial needs of FCC.  At the same time, this is a very challenging time for many of us - our own financial security is at risk as this global economic crisis unfolds.  It is hard to think about giving at a time like this – we want to hunker down and save what we have, in case we will need it in the future.  But there is a gift method that allows you to make a gift while receiving a secure, guaranteed income for the rest of your life - gift annuities. Here is an opportunity to benefit the church while protecting, maybe even increasing, your financial security.  

A gift annuity is a simple contract between the donor and the United Church Foundation.  The donor transfers an asset to the Foundation in return for annual payments of a fixed amount for life – for one or two people.  The rate of the fixed payments are based on the age of the recipients when the gift is made.  The rates rise with your age; for example, currently, at age 70, the rate for a single person is 5.7%; at age 85, it’s 8.1%.   Payments continue until the death of the donor(s), when the church receives the remaining principal.   $1,000 is the minimum donation. 

I knew a 91 year old woman who had been keeping $50,000 in a savings account “for a rainy day.”  She was receiving less than 2% in interest from her credit union.  The current gift annuity rate for a person over 90 years old is 9.5%!  She was able to make a gift and, at the same time, increase her income and her security. 

If you are interested in learning more, you are welcome to contact me by contacting the main office of FCC and you can find detailed information at www.ucc.org/giving/local-church-planned-giving.html. Next time I will discuss deferred gift annuities, which may be more beneficial before retirement. 

Thanks for listening, 

Eileen Hamilton
Attorney at Law 
(and member of the FCC family) 

Planned Giving article is reprinted from the Still Speaking Newsletter of April/May 2009
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