A life-income gift allows you to make a substantial gift while still providing for your own personal needs. There are several types of life-income gift plans, but they all share things in common:
- The donor receives a charitable income tax deduction for part of the gift amount.
- The donor, or other selected individuals, receive payments for life or a specific term of years.
- The charitable remainder goes to the ministry of the church selected by the donor.
The two most common are charitable gift annuities and charitable remainder trusts.
Foundation Vice President Bobby Hawley explains life-income gifts: