Life Income Gifts

There are a number of charitable planned gifts that provide St. Joseph’s College with a considerable gift and pay income for life to one or two people of your choosing.

CHARITABLE GIFT ANNUITIES

Charitable Gift Annuities provide you with a fixed income for life for up to two beneficiaries. You receive a tax deduction in the year you create your annuity and, if you give through appreciated securities, you avoid capital gains taxes. At the death of the beneficiaries, the balance in your Charitable gift annuity is transferred to St. Joseph’s College. The minimum gift annuity is $15,000 and those receiving income must be at least 65 years of age. If those you have in mind to receive life income are not yet 65, they may be eligible for a Deferred Payment Gift Annuity.

CHARITABLE REMAINDER ANNUITY TRUSTS

Your Charitable Remainder Annuity Trust will pay fixed income for life to the beneficiaries you select. The rate of income will be based upon their ages and the size of the trust. Upon the beneficiary’s death, the balance of the trust will be transferred to St. Joseph’s. You will avoid capital gains tax if you fund your trust with appreciated securities and you will earn a charitable income tax deduction in the year you create your trust. Your attorney or financial adviser can help you to create a Charitable Remainder Trust, which gives you tax advantages and income for life and will remove assets from your estate, reducing estate taxes.

CHARITABLE REMAINDER UNITRUSTS

This type of trust pays income for life to one or two beneficiaries whom you choose. Their rate of income will not change. However, that rate will be applied to the changing value of the trust every year. A Charitable Remainder Unitrust is revalued at the beginning of every year at which time the amount of income to be paid to the beneficiaries that year is calculated. In every year following, the trust is revalued, the same income rate applied and the amount to be paid calculated. You may make additions to your Charitable Remainder Unitrust. If you do, your trust will be revalued immediately and a new amount of income calculated for the rest of that year or until your next addition, whichever comes first. At the death of your beneficiaries, the amount remaining in your trust will be transferred to St. Joseph’s. You will earn a charitable income tax deduction in the year you make your gift and avoid the tax on capital gains if you fund your trust with appreciated stock.

POOLED INCOME FUND

One or two people can receive income for life from a gift to St. Joseph’s Pooled Income Fund. Your gift of $5,000 or more is joined with gifts from other alumni and invested in a common fund. To the extent the fund earns income, your beneficiaries receive income for life based on your gift’s pro rata share of the entire fund. It is important to understand that income from our Pooled Income Fund is variable and not guaranteed.

CONTACT INFORMATION

If you have any questions about giving to St. Joseph’s College, please contact Clare Kehoe at ckehoe@sjcny.edu or 718.940.5579.

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