A Gift That Gives Back
Steward Smith likes a good win-win-win situation. He first created a charitable gift annuity (CGA) at the YMCA of San Diego County to benefit Overnight Camp scholarships in 2013.
Steward created that CGA because it allowed him to “help the YMCA, get some dependable income each year and receive a tax benefit all at the same time. It’s a win-win-win!” Since that initial donation, he has given two additional gifts to set up more CGAs.
“Not everyone is fortunate enough to be able to afford YMCA camp and have the opportunity as a child to grow and expand their horizons,” Steward says. “Camp Marston has evolved beautifully since my time there in the ’50s, and I like that the Y is giving kids a positive direction for their lives.”
Steward’s CGAs offer him a constant source of steady income every quarter, with a portion of the income coming to him tax-free. “It makes me feel good to know that my legacy will endure and benefit the Y,” he says. “The future of our country is in how we raise our kids and in the opportunities we present to them. The Y provides that safe environment where they can go and just be themselves.”
If you are interested in learning more about charitable gift annuities and how you can create a source of income for yourself, receive tax benefits, and help children and families at the YMCA all at the same time, please contact Frank Teplin at (858) 514-4491 or [email protected].
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.