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" ... Charitable gift annuity. A charitable gift annuity is a contract between a donor and a charity. With a charitable gift annuity, the donor makes an irrevocable lump-sum donation of cash or other assets to a charity and takes a partial income tax deduction. The charity invests the donation, and the donor (or annuitant) receives payments on a fixed schedule for either the term of the agreement or for life, depending on the terms of the agreement. When the donor or the annuitant dies, the charity receives the balance of the invested funds. ... "
" ... How would an IRA account owner implement the T-CGA plan? There are a number of considerations to keep in mind when utilizing this strategy. First, the account holder will of course be deceased when the annuity goes into effect. This means it is very important to ensure that expectations regarding the designation and annuity agreement are clearly understood. If the transfer is completed properly, it is likely that there would be no income realization for either the estate or the annuitant. ... "
" ... In practice, we do not describe the income annuity as having a 100 percent fee. Rather, we focus on the role its guaranteed income can play in the overall financial plan. Variable annuities maintain a contract value which has a higher cost associated with it, but the focus should be on how many assets must be earmarked for different retirement goals. With risk pooling, an income rider may allow fewer assets to be earmarked to meet retirement spending needs and that is where its value lies. A variable annuity with an income rider is then able to pay a guaranteed income for life based on a fixed percentage of the hypothetical benefit base. The most compelling aspect of the variable annuity is that even in cases when the contract value of the underlying assets has been depleted, the income guarantee will continue to pay for the lifetime of the annuitant. ... "