馃攳
The Gift that Keeps on Giving - YouTube
Channel: unknown
[0]
[Music]
[29]
hi everyone welcome again to our
[32]
foundation table talk vlog
[34]
we're really excited that you tuned in
[35]
again thank you very much
[38]
i'm really excited about today's program
[40]
because we're bringing back one of our
[43]
previous speakers mr jim holm from the
[45]
wells foundation
[48]
jim thanks for being here today coming
[50]
back and be able to spend a little time
[52]
with us and share some more valuable
[53]
information thank you my pleasure it's
[55]
great to be
[56]
back last time we had you here you
[59]
talked about some of the different
[60]
options that were available for people
[62]
to make a charitable gift
[64]
i want to talk about one of those today
[66]
called a charitable
[68]
gift annuity
[70]
i know you're very familiar with those
[71]
but i imagine a lot of people maybe
[73]
aren't quite familiar with what a
[75]
charitable gift annuity is
[77]
but i bet they hear the word annuity and
[79]
they get a little panicked maybe better
[80]
explain a little bit how this is
[82]
different
[82]
thank you
[84]
i think your introduction was spot on
[86]
first and foremost this is a charitable
[88]
gift
[89]
a donor is making an irrevocable gift to
[92]
a charity in this case wells foundation
[95]
the wells foundation manages that gift
[97]
and in return the donor can expect us to
[100]
receive an income for their life or
[102]
lives
[104]
so you could do it for
[106]
one person or more than one person
[108]
correct you can do it for up to two
[110]
people okay typically it's husband and
[112]
wife and it's for life it is
[115]
don't a lot of annuities end at a
[117]
certain time frame or age that would be
[120]
in the commercial annuity environment
[122]
there are different uh rules and
[124]
regulations guidelines that that an
[126]
insurance company would follow for their
[128]
annuity program
[129]
this is a gift this is a gift with an
[132]
annuity attached to it
[134]
so if people want to create a charitable
[137]
gift annuity they start with their
[139]
donation
[141]
and then what happens from there
[143]
a gift is made to the foundation the the
[145]
minimum for to establish a charitable
[148]
gift annuity is ten thousand dollars
[151]
wells foundation takes those assets they
[154]
give you a gift acknowledgement for
[156]
the charitable portion of that gift so
[159]
for example if you made a gift of ten
[161]
thousand dollars your the charitable
[163]
portion may only be four or five
[166]
thousand dollars why because you are
[168]
going to receive an income stream for
[170]
your life
[171]
um from there wells foundation sends out
[174]
quarterly payments
[176]
generally electronically to your your
[179]
your bank account
[181]
and we will continue to do that for your
[183]
life when the lord calls you and your
[186]
spouse home
[187]
and that gift annuity terminates the
[189]
remainder in that gift annuity then is
[191]
distributed to the charity that you've
[193]
designated
[195]
is there
[197]
a significant amount that then goes to
[199]
charity at the end
[201]
there there is typically with with the
[204]
way the rates are established we expect
[206]
about 50 of the gift to ultimately flow
[209]
through to the charity
[211]
so a person will give a donation
[215]
i'm assuming because it's a donation
[217]
they get a tax deduction
[219]
they do
[220]
and now this being a tax season i'm sure
[223]
everybody has been
[224]
wrestling with their tax forms recently
[228]
gifts to a charitable gift annuity are
[231]
eligible for a income tax charitable
[233]
deduction typically that would be about
[236]
half of the value of the gift when it
[238]
was made
[240]
now you said there's a 10 000 minimum
[244]
is there a maximum
[245]
if there is we haven't found it yet
[250]
no
[250]
actually
[252]
once a gift annuity gets over 500 000
[255]
then we take a look at
[257]
our reinsurance options just to make
[259]
sure that we can always guarantee that
[261]
income payment is going to go to the to
[264]
the donor
[265]
okay
[266]
[Music]
[268]
a good age to create a charitable gift
[270]
annuity
[272]
the minimum age to set up a charitable
[273]
gift annuity is 65. but typically the
[276]
the average donor is going to be in
[278]
their 70s mid 70s
[281]
at that age you'll see a distribution
[283]
rate or annuity payout rate in the in
[285]
the four to five percent range
[288]
typically it's a situation where
[290]
a donor would really like to do more to
[292]
support your ministry but for whatever
[295]
reason uh
[297]
they feel a need to to continue to
[300]
receive an income payment
[301]
from that uh from that asset so for
[304]
example they they may have it in a bank
[306]
cd
[307]
earning whatever the bank cd is paying
[309]
right now not not a lot
[310]
and maybe they're using that income to
[312]
support their their ongoing lifestyle
[316]
by setting up a gift annuity again it's
[318]
not an investment it's a gift
[320]
but by putting the money into a gift
[322]
annuity the cash flow from that that
[324]
asset increases now the donor may be
[327]
getting four four and a half five
[328]
percent and distributions that they can
[331]
use to
[332]
pay for ongoing living expenses
[334]
and at the same time they can provide a
[336]
gift for kettleberry so that when the
[338]
lord calls them home that check that
[341]
distribution goes
[342]
to cattle
[344]
so it really is a win-win for the donor
[346]
as well as for
[348]
the ministry and this could be their
[350]
church it could be kettle it could be
[352]
the kml foundation
[354]
absolutely and it could be all three you
[357]
could set up a gift annuity and you
[359]
could you could provide a letter of
[360]
instruction to the foundation telling us
[363]
when the time comes to make a
[364]
distribution these are the three
[366]
ministries that we want to remember
[368]
fantastic
[370]
now i've worked with people that have
[371]
said i've created a charitable gift
[373]
annuity i did that two or three years
[375]
ago well i really like it
[378]
can i do another one uh yes in fact we
[381]
have donors that regularly do
[384]
multiple gift annuities
[386]
they receive the income payments and
[387]
realize you know what we don't need this
[389]
income we have plenty they save up the
[393]
distributions when they have an
[394]
additional ten thousand dollars they
[396]
establish another gift annuity
[399]
so it works for them to be flexible
[401]
enough to do this when they're
[402]
comfortable
[404]
that's one of the things jim that i
[406]
think both the wells foundation and the
[408]
kml foundation really emphasizes that
[410]
this isn't about how much can we get
[413]
it's how can we help the donor be
[416]
accomplishing their goals for supporting
[418]
ministry but also in this case maybe
[421]
providing a little extra income for them
[423]
during their lifetime absolutely that's
[425]
where it starts the donor that wants to
[427]
make the gift to support the lord's work
[430]
are there any other life income gifts
[433]
like a charitable gift annuity that
[435]
people should be aware of there are we
[437]
when we talk about life income gifts
[439]
there's usually two types we talk about
[441]
the simple way using a charitable gift
[443]
annuity you simply write the check
[446]
send it in with a completed application
[448]
and your process is started another way
[450]
a more complex way would be a charitable
[452]
remainder trust we would use a
[454]
charitable remainder trust in situations
[456]
where
[457]
maybe the asset isn't
[459]
able to be liquidated immediately for
[461]
example let's say you have a piece of
[463]
rental property
[464]
you're ready to get out of the rental
[466]
business you'd like to make a gift from
[469]
that
[471]
we can set it up through a charitable
[472]
rental trust okay
[475]
is it possible to create a charitable
[478]
gift annuity with something like
[480]
appreciated stock
[481]
you you can not only can you set it up
[484]
with that with the
[485]
gift of
[486]
appreciated stock you can set up the
[489]
payments to start at a time in the
[491]
future so maybe you're in your late 50s
[494]
early 60s you're in your high income
[496]
earning years you'd really like a
[498]
charitable deduction
[500]
yet you're still working towards your
[502]
retirement which is coming at some time
[504]
in the future you can make a gift today
[507]
get your tax deduction today
[509]
but defer your payments from your gift
[511]
annuity to a date in the future or if
[514]
you're not sure what that date might be
[516]
you can establish a gift annuity today
[519]
and say i want to start the payment
[521]
sometime in the next 5 to 20 years
[525]
you may find that you never need that
[527]
income out of the charitable gift
[528]
annuity or you may find after 5 years 10
[531]
years you'd really like that
[532]
supplemental income to come out
[535]
you simply contact the wells foundation
[537]
and turn the income uh up
[540]
so there are a lot of options
[542]
which which is good
[545]
from my experience
[546]
sometimes a lot of options means a lot
[548]
of confusion
[550]
i'm going to suggest that if you have an
[553]
interest
[554]
in a charitable gift annuity but you're
[556]
still unsure about some of the details
[558]
contact me or contact you directly i'm
[560]
sure you'd be able to answer the
[562]
questions jim they would certainly feel
[564]
comfortable i hope talking to you and be
[566]
able to get some of those answers
[567]
because it certainly seems like a great
[569]
option for for people who are in those
[571]
situations where they would like to
[572]
support ministry
[574]
but maybe still need a little income for
[575]
the rest of their lives you know it is a
[578]
great option and when i think about our
[580]
gift annuity pool
[581]
about 640 contracts right now 12 13
[585]
million dollars
[586]
uh donors regularly receiving their
[588]
quarterly income payments
[590]
knowing in their hearts that they've
[591]
provided for the lord's work upon their
[593]
death
[594]
just a wonderful opportunity
[597]
that's fantastic jim again thank you for
[599]
being here today this is really valuable
[601]
information it's practical information
[603]
that i think people really appreciate so
[605]
thank you and we just might invite you
[607]
back again for more information on a few
[609]
of these other options
[611]
thanks for tuning in today i really do
[614]
want to thank
[615]
jim holm and the wells foundation
[617]
because they really are a great benefit
[619]
for us i can tell you i've worked with
[621]
people over the years that have created
[623]
a charitable gift annuity sometimes for
[625]
kml sometimes for the kml foundation
[628]
sometimes for their church
[630]
but in every case i've encouraged them
[632]
to use the wells foundation to actually
[634]
manage it and they do wonderfully and i
[636]
think all the donors have agreed it's
[638]
the greatest option out there so really
[641]
want to recommend that if you have any
[643]
questions give me a call or you can talk
[646]
to jim directly
[647]
but as always remember we do this
[649]
because it's your life it's your plan
[652]
it's your legacy
[654]
until next month i'm paul stomiska stay
[657]
safe and healthy
[670]
you
Most Recent Videos:
You can go back to the homepage right here: Homepage