Janet and Bill Maley P’09: Why We Chose a Flexible Deferred Charitable Gift Annuity with Colgate
To be responsible stewards of our assets, we try to update our estate plan on a somewhat regular basis. Even if we don’t make it as far as updating, we review it to be sure there isn’t anything we should revisit. A few years ago, during one of these reviews, we decided to include Colgate in our planned giving.
The eldest of our three grown children, David, attended Colgate and had a fabulous experience. We were first-time parents of a college student, and those four years were an equally great experience for us.
So in order to “give-back,” to be thoughtful about retirement and estate planning, and to thank Colgate in some concrete way, we talked about setting up a charitable gift annuity.
We ultimately chose a flexible deferred charitable gift annuity (FDCGA). The FDCGA gave us a partial, but immediate, charitable tax deduction. It also offers a ten-year window to decide when we want to start receiving income from the annuity.
The annuity income is partially tax-free, repaying our capital investment in the annuity. The flexibility to defer our annuity income lets us optimize the income we will receive: the longer we wait, the higher the fixed rate of return will be.
Because an FDCGA fit the bill in so many ways, it was a relatively easy choice. We are so pleased to be able to help Colgate through our estate planning.
The discussion herein is general in nature and may not apply to all individuals. Prospective donors are urged to consult their personal tax and financial advisors concerning the specific consequences of making gifts to Colgate. We would be pleased to discuss, in confidence, ways in which you may support Colgate. These measures may also have an impact on your estate planning.