Life-Income Gifts
You can create a gift that provides you and/or someone you designate with an income for life, and receive the benefits of tax savings.
If you are 65 years or older, a Charitable Gift Annuity will pay you fixed annual payments for life and provide a gift for the university afterward. In exchange for cash or marketable securities, Wayne State University will contractually agree to pay you, and/or another designated individual 65 or older, a guaranteed amount. You receive an income tax deduction the year you establish this plan. Your fixed annual payments will depend upon your age, the age of any additional beneficiary and when you start receiving payments (immediate or deferred). A portion of the payment amount is a tax-free return of principle. Charitable Gift Annuities are governed by the state insurance bureau where the donor resides. Wayne State can establish gift annuity contracts with Michigan residents and residents from most other states with a minimum gift of $25,000.
A Charitable Remainder Trust is an irrevocable trust used to provide payments to you and/or a designated beneficiary for life or for a stated term of years, up to twenty years. The remaining assets in the trust are distributed to the university when the trust terminates. An investment company, bank, or other financial services institution can manage your Charitable Remainder Trust. When low dividend-paying appreciated securities are used to fund your charitable remainder trust, capital gains taxes are minimized and your income from the assets can be increased. You receive an immediate charitable gift deduction on your income taxes for a portion of the assets, as determined by your age and the ages of any other beneficiary and Internal Revenue Service tables. Planned Gifts staff can prepare an illustration for your information.
A Charitable Remainder Trust can be structured to provide a set amount each year throughout your life-a Charitable Remainder Annuity Trust or a fixed percentage of the trust assets each year--a Charitable Remainder Unitrust.
By establishing a planned gift such as a charitable gift annuity or a charitable remainder trust, you will be invited to join The Old Main Society, an organization created to recognize alumni and others who name Wayne State University in their estate plans. A future gift of $10,000 or more also qualifies you for recognition in the university’s prestigious Anthony Wayne Society. However, if you prefer to remain anonymous, we will keep your name and gift in strict confidence.