The WSU Charitable Gift Annuities: Guaranteed income for life and a lasting impact on Wayne Law
If you or your clients are looking for a way to increase retirement income, while providing for future Wayne Law students, then a WSU Charitable Gift Annuity may be right for you. In return for a minimum gift to the university of $25,000 or more, the donor or named beneficiary of a Charitable Gift Annuity receives guaranteed fixed annual payments for the rest of his or her lifetime. Older individuals especially benefit, since the payment rates increase by age. A portion of the annual payment is tax-free, which makes the effective rate higher. Current rates and payments for one-life beneficiaries are:
|Age||Rate||Guaranteed annual payment*||Effective Rate|
*based upon $25,000 contribution
The donor receives an income tax deduction for a portion of the contribution, also based upon the age of the income recipient, for the year that the charitable gift annuity is created. The minimum age to receive income from a Wayne State University charitable gift annuity is 60, but a deferred-income charitable gift annuity can be established earlier and the income can be arranged to begin after the donor or other beneficiary turns 60. Payment rates increase with longer deferment periods. This plan can enhance any other retirement plans you or your client may have.
At the end of the beneficiary’s lifetime, the remaining amount in the charitable gift annuity fund is transferred to Wayne State University to be used as the donor stipulates when the charitable gift annuity is established. This can be designated for scholarships for Wayne Law students, for faculty support, for the Dean’s discretionary fund or many other uses.
Please contact Gerrie Paulson, Director of Planned Gifts for a personalized illustration of how a WSU Charitable Gift Annuity may benefit you or your clients at (313) 577-6483 or e-mail firstname.lastname@example.org. This is a service available to all Wayne Law alumni at no obligation and with complete confidentiality.