A Charitable Gift Annuity is an irrevocable gift of cash or securities where you receive predictable fixed income for life. At termination, Gilda’s Club Westchester receives the residual value of the annuity.
A Charitable Remainder Trust (CRT) is a life-income arrangement that provides you and/or other beneficiaries with a stream of income for life or for a period of years. After the trust terminates, the principal, or “remainder interest,” goes to Gilda’s Club Westchester. Unlike other life-income arrangements, CRTs are separately invested and managed trusts. Please note that Gilda’s Club Westchester does not manage these trusts for donors.
This is the most flexible of life-income plans and a powerful way for you to benefit along with your heirs and Gilda’s Club Westchester. Some versions of CRTs can be funded with closely held stock, partnership interests, real estate, and in some instances, tangible personal property such as works of art. You can choose to receive a variable or fixed income (beginning immediately) for life or a term of years. There is no limitation on the number of beneficiaries of a CRT.
Did you know that making a gift to Gilda’s Club Westchester and preserving your assets for yourself or your beneficiaries is not necessarily an either/or proposition? With careful planning, you can accomplish more than one objective through the use of a Charitable Lead Trust (CLT). A CLT is a powerful financial tool that can allow you to make a future transfer of assets to yourself or your heirs at a significantly reduced gift and estate tax cost, while also providing Gilda’s Club Westchester with current income. Unlike a charitable remainder trust, which takes care of specified beneficiaries first and leaving the remainder to charity, a CLT takes care of the charity first for a specified term of years, with the trust principal eventually going back to you or to specified beneficiaries.
We invite you to contact Corinne Frankenfield at 914.644.8844 for more information so that we can assist you through each step of the process. Please remember that the tax treatment of any donation must be confirmed by the donor’s tax advisor.
Thank you again for including Gilda’s Club Westchester in your charitable giving.