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planned giving

charitable gift annuity

Simply put, a gift annuity is a contract between Austin Lyric Opera and a donor, in which for the exchange of cash or assets the Opera agrees to pay a fixed sum of money to the donor for the duration of the donor's life, after which the remainder is left to Austin Lyric Opera's Endowment Fund. You can support Austin Lyric Opera and guarantee a stream of income for yourself for the rest of your life - or a loved one's life - at the same time.

This life-long, guaranteed quarterly or yearly payment is just one benefit of a gift annuity. Other benefits include: an immediate charitable tax deduction, a portion of the payments is tax-free income for a given amount of time, you have the option to designate another person or couple as the beneficiary of the annuity - perfect for those looking to provide for loved ones.

Payment rates are based on the age of the annuitant (the person receiving the payment) and will likely be higher than you would receive from fixed-income investments. Payments can begin immediately or deferred to a later date.

We would be more than happy to prepare a free illustration on how a charitable gift annuity can benefit you. From information you provide, this illustration will show you the guaranteed annual payments, the charitable tax deduction for you, and other information to help you in your decision.

Charitable Gift Annuity Example

Sarah, who is 80 years old, contributes $20,000 in securities (with an original cost of $8,000) to Austin Lyric Opera for a gift annuity. With an annuity rate of 8.9%, she receives fixed, guaranteed payments of $1,780 per year as long as she lives. For the duration of her life expectancy, $459 of her annual payments will be tax-free, and $689 of them will be taxed as capital gain. She also receives a charitable deduction of $9,203 in the year of her gift.

Stewart, age 76, gives $10,000 cash to Austin Lyric Opera for a gift annuity and he will receive $800 a year. $483 is tax-free for the first eleven years, after which, the remaining amount will be taxed as ordinary income. Also, his income-tax deduction for the year of his gift would be $4,294.