Thursday, April 30, 2020
St. Paul's Charitable Giving Department has been learning all about the CARES Act, which was passed on March 27, 2020, so we can share with you how to take advantage of the new charitable giving rules it enacted for 2020 only. Here is a summary of some of the key changes:
In addition to considering how these changes may benefit you, now may be a good time to evaluate your cash flow needs and consider creating a charitable gift annuity (CGA) at St. Paul's. A CGA provides you with a reliable income stream for life, as well as tax breaks. After your lifetime, the remaining funds benefit the residents and charitable mission at St. Paul's.
If you might be interested in a CGA, please note the IRS discount rates are dropping on May 1, which will lower the charitable deduction you can claim for your gift. You have until June 30, 2020 to take advantage of the current higher rates.
For more information about charitable gift annuities or the CARES Act, please contact Dawn Hartman, Director of Planned & Major Giving, at 724-588-9613 ext. 1214 or email@example.com.