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Life income plans allow you to make a gift and retain a benefit from the assets you give.
Life income plans allow you to make a gift to the Museum and at the same time retain a benefit from the assets you give. When you establish a life income plan, you make an irrevocable gift of assets and in return receive an income stream for life or for a term of years. When the life income plan terminates, the assets remaining pass to MoMA. Life income plans offer a number of important potential benefits: an income-tax charitable deduction for the value of MoMA’s remainder interest; increased spendable income in many cases; elimination of, or reduction in, capital gains tax liability if appreciated property is donated; and a diminution in the size of your taxable estate. Most importantly, the financial benefits derived from these arrangements allow you to make a significant contribution to the Museum, often larger than would otherwise be possible. You should consult with your financial, tax, and legal advisors for more information on life income plans as they pertain to your particular situation and needs.
There are two types of life income plans that can be used to benefit MoMA:
Charitable Gift Annuities
Partly gifts and partly annuities, these are the oldest and most popular vehicles for making a gift and receiving a generous income stream. They provide an annual sum for life for you and/or another person in return for a gift to MoMA of at least $10,000 in cash or marketable securities. The payout rate depends on the number of annuitants and their ages. (MoMA follows the rates recommended by the American Council on Gift Annuities up to a maximum of 9%.) Creating a charitable gift annuity generally allows you to claim an immediate income-tax charitable deduction. During the actuarial life expectancy of the annuitant(s), a portion of each annuity payment is treated as a tax-free return of principal.
It is possible to defer annuity payments until a future date of your choosing, an attractive feature for younger donors. By postponing annuity payments until retirement, for example, you can increase the annuity payout and the income-tax charitable deduction. The charitable deduction is claimed in the year the gift is made.
Charitable gift annuities are not available to residents of all states.
| Sample Annuity Rates as of 7/1/10 |
| ONE BENEFICIARY | |||||||||
| Age | Annuity Rate | Age | Annuity Rate | Age | Annuity Rate | Age | Annuity Rate | Age | Annuity Rate |
| 55 | 5.0% | 58 | 5.1% | 60 | 5.2% | 63 | 5.3% | 65 | 5.5% |
| 68 | 5.7% | 70 | 5.8% | 73 | 6.1% | 75 | 6.4% | 78 | 6.8% |
| 80 | 7.2% | 83 | 7.7% | 85 | 8.1% | 88 | 8.9% | ||
| TWO BENEFICIARIES | |||||||||
| Age | Annuity Rate | Age | Annuity Rate | Age | Annuity Rate | Age | Annuity Rate | Age | Annuity Rate |
| 55/55 | 4.6% | 58/58 | 4.8% | 60/60 | 4.9% | 63/63 | 5.0% | 65/65 | 5.1% |
| 68/68 | 5.2% | 70/70 | 5.4% | 73/73 | 5.6% | 75/75 | 5.7% | 78/78 | 6.0% |
| 80/80 | 6.3% | 83/83 | 6.7% | 85/85 | 7.1% | 88/88 | 7.8% | ||
| DEFERRED ANNUITIES | ||
| Age at the Time of Gift | Age at First Payment | Annuity Rate |
| 50 | 65 | 10.5% |
| 55 | 65 | 8.4% |
| 58 | 65 | 7.4% |
| 60 | 65 | 6.8% |
| 60 | 70 | 8.9% |
| 65 | 70 | 7.1% |