The concept of the charitable gift annuity in America dates back to 1843, when a merchant in Boston first donated a gift of money to a Bible Society in exchange for a flow of income.  Today, the concept includes valuable tax benefits for donors. But perhaps more valuable than the financial advantages is the satisfaction donors gain by helping to continue our mission and good works.

WHAT IS A CHARITABLE GIFT ANNUITY?

One answer is that it is the gift that keeps on giving since it provides income during one’s lifetime and then provides a gift to the Maryland Bible Society.

More specifically, the charitable gift annuity is a contract between Maryland Bible Society and the donor.   Maryland Bible Society agrees to pay the donor (or other person (s) named by the donor) a lifetime annuity income in return for an irrevocable gift of cash, securities, or other personal property. If it is a two-life annuity, then the payment will continue for the life of a second individual, such as spouse or child.

The annual payment is a fixed sum, the amount of which is based on the size of the gift and the number and ages of the beneficiaries. Payments from an immediate gift annuity will begin not later than one month from the date of the gift, while payments from a deferred gift annuity will not begin until a specified date.

The minimum for an annuity agreement is $5,000. Agreement shall be limited to two lives, and the minimum age for the annuitants shall be 60 for the immediate annuities. The minimum age for deferred payments to begin is age 60. (Please contact us for more information).