If you are retired or nearing retirement, a Charitable Gift Annuity is an attractive tax savings plan. You make a gift to your church and receive guaranteed fixed payments for your life. A portion of your annuity payment is tax-free allowing you to keep even more of the income you earn. Your rate of return is based on your age.
It's never too early to start thinking about how your estate will be distributed. Unfortunately, every day millions of dollars are lost through unnecessary taxes and estate expenses.
Your estate includes everything you own-your hard-earned money, house, real estate, vehicles, life insurance, investments, and anything else you hold dear. These are the things you want your family and their families to enjoy-the things that can make a positive impact on their lives for many years.
If you are still undecided and would like to know more,contact Orlando Logelin at 651-797-7498 or .
An annuity is a contract between you and an organization to pay you a fixed sum of money at set intervals for a specific period of time.
The sum that is paid to you is determined by your age and life expectancy and the amount invested. For example, if you make an investment of $50,000 and your life expectancy is 10 years, the return rate each year would be much higher that if your investment were $10,000 and your life expectancy is 30 years.
When you purchase your annuity, North Heights will set your money aside in a separate account with instructions to purchase an annuity for you. The amount of your gift, which remains after the annuity is purchased, is the present gift to North Heights.
Yes. You may purchase "joint and survivor" refund annuities which will provide payments to you or the person you name during your lifetime, and will continue to pay your surviving spouse or other person after your death.
No. The annuity is an irrevocable contract that lasts for your lifetime.
The rate of return on your investment is higher for a single life annuity because the term of the annuity is generally shorter.
North Heights only participates in "refund" annuities. These annuities are designed to return to you the amount of your gift over the period of the annuity. If you do not live out your full life expectancy, the contract will end, unless it contains other provisions-for example, payment to your surviving spouse for life. If you outlive your life expectancy, the annuity continues to pay you the guaranteed amount until death.
Generally, the advantages include increased spendable income and substantial tax savings. Consult North Heights for information regarding your particular situation.
You will receive a substantial income tax deduction for your gift to North Heights. In addition, a portion of the annuity payment to you will be tax-free because it represents a return to you of previously taxed dollars. The amount of the tax-free return of capital will vary with your life expectancy. As a rule, from 50 to 70 percent of the annuity income is non-taxable.
Yes. Some people have several annuities. Some purchase one each year as a regular investment in the work of North Heights and in their own future.