Charitable Gift Annuities
When you establish a charitable gift annuity with the Oblate Annuity Trust (minimum $5,000), you will receive annual fixed payments for the rest of your life (minimum age 59 ½). The annuity rate is based on the donor’s age at the time the charitable gift annuity is established. You will also receive a one-time charitable deduction for the year the gift is made. Upon your death, the amount remaining in your annuity account will strengthen the Oblates’ many ministries, creating a lasting legacy in your memory.
A charitable gift annuity can also be funded with securities such as appreciated stock. With this type of gift you can partially bypass capital gains tax.
Funding a Charitable Gift Annuity with your IRA
On Dec. 23, 2022, Congress passed the Consolidated Appropriations Act of 2023 (now signed into law), which includes a package of retirement reform bills including the SECURE 2.0 Act.
SECURE 2.0 encourages taxpayers to use their IRAs to make qualified charitable distributions (QCD’s) that support their favorite charity like the Missionary Oblates of Mary Immaculate. SECURE 2.0 enhances QCDs by providing:
- For tax years beginning in 2023, a one-time opportunity to make a gift of up to $50,000 from an IRA to a charitable gift annuity or charitable remainder trust, provided the income interest is held by the taxpayer or the taxpayer’s spouse, or both.
- Amounts distributed as a QCD can count toward satisfying the taxpayer’s required minimum distribution (“RMD”). Donors must be at least 70½ to utilize the QCD provision.
In addition, rates for a charitable gift annuity increased effective January 1, 2023, as reflected in the rate table below.
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Gift Annuity Rates
Effective January 1, 2023
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Office of Charitable and Planned Giving
442 South Demazenod Drive
Belleville, IL 62223-1023
Oblate Missionary Society, Inc.
Tax ID: 26-0634043