Flexible Deferred Gift Annuity

Lewis is a 54-year-old executive at a large healthcare company. He purchased company stock during years when the stock price was low, and now the stock has grown substantially.
Lewis and his spouse, Ann, sold a vacation home earlier this year and are
looking for a way to offset the capital gain tax owed on the sale. Lewis
enjoys the challenge and responsibility of his job and is not quite ready
to retire. But, he is looking at planning options that will provide income
in the future with the flexibility to retire when he is ready.
Ann:
We needed a charitable deduction to avoid paying the taxes we owed from the
sale of our second home. While Lewis invested his energies at work, I spent
years volunteering with Free Will Baptist ministries and wanted to find a
way to make a special gift to help further its work this year.
Lewis:
Ann and I were both in good health and I still enjoyed working. We were
living comfortably on my current salary but were looking for ways to plan
for retirement in the future. I wasn't quite certain when I would retire,
so we wanted to find an income source that would permit me to be flexible
with my retirement date.
Ann:
Free Will Baptist Foundation told us that a flexible deferred gift annuity
would help us meet our goals. Instead of selling our appreciated stock and
paying high capital gain tax, we could give it to them and receive an
immediate charitable tax deduction to offset our current tax bill. The
flexible deferred gift annuity would permit us to elect to begin taking
payments for life when Lewis was ready to retire.
Lewis:
We decided to set up the flexible deferred gift annuity and were able to
achieve all of our goals. We received a charitable tax deduction in the
year that the gift was made and experienced immediate tax savings. When I
am ready to retire, we will contact Free Will Baptist Foundation to begin
payments, giving me the flexibility to continue working as long as I would
like. In addition, the flexible deferred gift annuity makes it possible for
us to receive a large portion of our income tax free, and this is an
attractive benefit!
*Please note: The name and image above is representative of a typical donor
and may or may not be an actual donor to our organization. Since your gift
annuity benefits may be different, you may want to click here to
view a color example of your benefits.