Support your favorite St. Peter’s Health Partner’s legacy foundation with a Charitable Gift Annuity

Charitable gift annuities

Supporting your favorite St. Peter’s Health Partner’s legacy foundation through life-income gifts can be mutually rewarding

Life income gifts help you provide meaningful support to our mission while providing you with income for life (or a specified period of years) and leaving the remainder for the purpose you choose.

There are several options for making a charitable gift that pays you income. One of the most popular (and one that does not require an attorney), is a Charitable Gift Annuity (CGA). A CGA is a simple contract between you and a SPHP affiliated foundation. You can fund a CGA with cash and you'll receive payments for life and a tax deduction for the year that you make the gift.

There’s a CGA option for everyone. If you’re still working, you can fund an annuity today and schedule to receive payments when you plan to retire. If you’re nearing retirement or already retired, you have the option of deferring your payments a bit longer or receiving them right away.

Immediate gift annuity

You can make your gift, take a deduction, and begin receiving annuity payments right away. This option is available for beneficiaries who are age 60 or older.

Idividual Retirement Account (IRA) > Charitable Gift Annuity Option

The Secure Act 2.0 allows for a one-time qualified charitable distribution to create a life income gift, most commonly a charitable gift annuity (CGA), and charitable remainder unitrusts (CRT) or annuity trusts. This new type of qualified charitable distribution (QCD) is a one-time maximum transfer of $54,000 (indexed for inflation after 2023) to a qualified CRT, or in exchange with us for a CGA. *Important terms and conditions apply. Please contact our office or your financial advisor.

This type of gift will reduce the value of your IRA, therefore reducing your future required minimum distribution (RMD) (as they will be based on the lower value). Also, a CGA provides a constant guaranteed lifetime stream of revenue. Using a distribution from your IRA to create an annuity is a savvy way to diversify your holdings and lock in a great return.

As always, we recommend that you consult a qualified advisor before making a new gift commitment.

To see what a CGA would look like for you, contact us for a personalized and confidential illustration.