Please explain how an annuity can be used to create a legacy for a non-profit organization.
I am a Board member of a local non-profit. I have been told that this requires the services of an attorney, and is quite complicated. True?
When people are looking to place a large sum of money and they do not want to invest in the ususal places ; they can establish an annuity. I have never done this but I have been asked many times to do this. So , I do not speak from experience. To my knowledge and insurance company or bank gets involved and invests this money which pays a small sum back each month to the person who donated the money to the non-profit . When this person dies the large sum of money is then given out right to the non-profit organization as a charitable donation. The donators receive a tax benefit and are also guaranteed a certain return on their money each month. Plus , they feel good about eventually leaving this donation to the non-profit. I would not attempt this transaction without a lawyer or the personnel of my trusted bank , loan association, etc. plus laws are probably different in each state, as well. Good luck, it is a win win for both parties . Many churches and colleges ask for funds this way and acquire trust funds for their future growth this way.
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