A Gift That Gives Back

Did you know that there is a way for you to support the Geneva Foundation of Presbyterian Homes and feel confident that you have dependable income in your retirement years?

You can do this with a charitable gift annuity. If you are like Lake Forest Place resident Helen Kohr, you can do this as Christmas presents for your children.

Establishing a charitable gift annuity with the Geneva Foundation allows you to provide a gift to the area of your choosing while also receiving fixed payments for life. Helen wanted to have the fixed payments sent to her two children. This provides Helen with a tax benefit and upon her passing, a charitable benefit to the Geneva Foundation of Presbyterian Homes.

If you fund your gift annuity with cash or appreciated property, you qualify for a federal income tax deduction if you itemize. In addition, you can minimize capital gains taxes when you fund your gift with appreciated property.

And now, you can fund your gift using your IRA assets. If you are 70½ and older, you can make a one-time election of up to $53,000 to fund a gift annuity. While your gift does not qualify for an income tax deduction, it does escape income tax liability on the transfer and count toward all or part of your required minimum distributions. (Special rules apply, so contact Lisa M. Schiro, CFRE at (847) 979-3922 or lschiro@presbyterianhomes.org for more details.)

After receiving a lifetime of payments to you, the Geneva Foundation will direct the remaining funds to the area you are most passionate about, such as a particular campus, beloved program or service. Birthdays and other special milestones will be celebrated this year. Do you have a family member who can benefit from a lifetime of payments?

You trust Presbyterian Homes with retirement residence for yourself or your loved ones. You can always trust the Geneva Foundation of Presbyterian Homes with your philanthropy.