Example of a Gift Annuity
Ms. Baker, age 78, is very thankful for the excellent medical care she has received at Overlake during her several decades as an Eastside resident. She has been donating to the Foundation for many years and feels she’s now in a position to make a larger gift, so long as she will continue to have sufficient cash flow.
Accordingly, she contributes $15,000 cash to the Foundation for a charitable gift annuity. In return, she will receive quarterly payments totaling $960 each year for the rest of her life. For the next 10 years, $788* of her annuity will be tax free. She’ll also be able to claim a charitable deduction of $6,725* this year. Once her life has ended, what remains of her contribution will be used to support Overlake’s Heart and Vascular Center.
*Tax benefits are calculated using a federal discount rate of 1.4%.
If you have a question or wish to get in touch with someone at Overlake regarding a possible planned gift, please contact Stephanie Stewart, Director of Planned Giving, by email or at 425-688-5452.
The information on this website does not constitute legal, financial, tax, or estate planning advice and should not be relied upon as a substitute for such advice. Overlake encourages you to seek the counsel of your own professional advisors and values their involvement as you determine how you would like to proceed.