Creating Lifetime Income While Helping Others

A 3rd generation San Franciscan, Carol DeVincenzi was hoping to stay in her home for as long as possible, but knew that when the time came for her next move, she would choose a non-profit Life Plan Community in the city that she had called home for most of her life. When she started looking and found San Francisco Towers, she knew it was the place for her. “It has the most amenities like air conditioning and ample elevators, and has such beautifully designed apartments,” Carol says.

Carol had friends who had set up charitable gift annuities, and they were very pleased with both the income and the impact of the tax deduction. She says, “With the current rates, I thought this would be a good source of income and an opportunity to support the Circle of Friends Resident Assistance Fund.”

Carol had always felt the call to help those in need, especially older people who could no longer support themselves. She remembers, “When my mother was in an Assisted Living community near the end of her life, I remember other residents that had to leave because they had run out of money. I remember feeling so terrible about it and wishing there was something I could do to help. Donating to the Circle of Friends gives me a chance to help.”

Charitable Gift Annuity: The Gift That Gives Back

A Charitable Gift Annuity can provide stable income in unstable times — and provide a legacy of support for your community or favorite program. It’s a gift that pays you back.

You can establish a Charitable Gift Annuity (CGA) with the Covia Foundation with cash or stock and create fixed, stable income for your lifetime. Because the payment rate is fixed based on your age, your income never changes. As an example, the payment rate for someone aged 81 is 6.7%. Plus, a portion of your income payment could be tax free. If you establish a gift annuity with stock you’ve held for a number of years, you can bypass the capital gains tax you would owe if you simply sold the stock. Ultimately, the remainder in your CGA will benefit the community or program you designate.

For information or assistance on establishing a CGA, contact Katharine Miller, Covia Foundation Executive Director, at 925.956.7414 or kmiller@covia.org

*This article was originally posted in the Fall 2020 edition of Community Matters