by Ted Hackney
Okay, so now we know you don’t have to be rich to take advantage of planned giving to help organizations like Operation Guyana.
Ted Hackney, an attorney for a large insurance and financial services company, told us in the first article in the series about the tools for such giving. Now he explains how to use the plans for both the donor and the charity. See the second part of his financial planning series here.
In the second part, he discusses outright gifts as well as “split interest” arrangements in which both donor and charity receive interest in the gift. He then reviews the benefits of this type of giving and the tax benefits thereof.
He is informing us about Charitable Gift Annuity, a contract between the donor of cash or securities and Operation Guyana. The donor makes an irrevocable gift in exchange for guaranteed payments, with the remaining value benefiting Operation Guyana.
It allows Operation Guyana the opportunity to “reinsure” the payout obligation made to the donor with any large insurance company, so that the “remainder” of the gift, net of the reinsurance premium, can be used by Operation Guyana immediately.
Hackney is well qualified to discuss the issue of planned giving. (See his résumé.)
Sound complicated? Well, click on the link to the multipart article and read it. There will be further installments to be posted over the next two months and will explain just exactly how this can be done. However, Operation Guyana is not in the business of providing investment, legal or tax advice. You should consult your own advisors before making any investment.
Read You Don't Have to be Rich to Make a Difference
Read Using Qualified Plans and IRAs to Help Operation Guyana and Yourself
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