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In 2002, Harry Williams established a Charitable Gift Annuity with The Salvation Army. Upon his death the residue from his gift will be used, according to his prescribed wishes, by the Columbia, Missouri Corps Community Center. This is the story of Harry Williams' gift annuity in his own words.
"Mary (wife) and I had been contributing a little bit to The Salvation Army for years. We were big believers in the Army's mission. We had already made the Army a 25% beneficiary of our living trust although we chose to keep this a secret."
"Unexpectedly, in 2002, Mary was diagnosed with Parkinson's disease. We were caught a bit by surprise in that we weren't sure how to cover rapidly increasing medical expenses. I talked with my commercial provider about a retirement annuity and also with The Salvation Army about a Charitable Gift Annuity (CGA). I could immediately see that the tax benefit of the CGA would offset a higher payout from the commercial annuity."
"We set it up as a two-life annuity but within 30 days of signing, Mary passed away. I appealed my situation to the Army. I wasn't about to attempt to withdraw the gift, but I hoped we could change it to a one-life CGA. The Army folks were very helpful and willing to serve my needs during a personally difficult time. That's what the Army does, by the way - work with people during difficult times."
"That was six years ago. Today I receive a fixed amount four times a year. Each year about 70% of the payment has been tax-free. The Army sends me a notice (Form 1099) each January reminding me of the smaller portion that I have to include in my tax return. I have found the Charitable Gift Annuity a great way to support the mission of The Salvation Army."
For more information please select one of the following options:
1. If you would like to view a color presentation of a similar plan, please click one of these buttons.
2. If you would like to see your payout rate based on your age and value of your estate, then click here.
3. If you would like to request a printed illustration of a gift annuity with your payout rate, then click here.
4. You may print a gift annuity tri-fold brochure. Click Here.
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