A charitable gift annuity is a simple contract between you and a charity. A portion of the income you receive for life is free of tax. Annuities work best for those 70 and older.
Charitable life income gifts can enable you to:
- Increase your income
- Receive an immediate charitable income tax deduction
- Avoid capital gains tax
In a life income plan, the donor makes an up-front gift to the Children’s Museum, but retains the right to receive income payments for life (or, in certain cases, a period of up to 20 years). At the end of that time, the remaining principal goes to support the Children’s Museum’s work.
The Children’s Museum of Sonoma County was founded in 2005 and is designated as a tax-exempt nonprofit charitable 501(c)(3) organization by the Internal Revenue Service with the Tax ID #20-3496878.