How I Can Benefit:

The American Legion Post 291 Charitable Gift Annuity Program makes it possible to make a gift which is not only a lasting contribution to the Legion, but also a simple and proven technique for securing some lifetime income, minimizing taxes and simplifying life by not having the responsibility of a rental property.  You will receive a fixed annual income, guaranteed, for the rest of your life that you cannot outlive.  The amount is dependent on your age and the market value of your property.

Benefits

•        Fixed income for life
•        An immediate charitable tax deduction
•        Minimized capital gain tax
•        Reduced capital gain, income and estate tax
•        Satisfaction of supporting an organization that supports veterans

 

Knowing that in your lifetime you gave something back to past and future veterans of America who fought so whole-heartedly to save our country from harm is a unique opportunity.

The information on this site is presented in summary form.  ALL DONORS MUST CONSULT WITH AND RELY EXCLUSIVELY ON THEIR OWN ATTORNEYS OR OTHER FINANCIAL ADVISORS FOR TAX AND LEGAL ADVICE.

Examples:
Carol (80) gives us a rental property she no longer wants to manage. It originally cost $150,000 but is now worth $1,000,000. Her husband was a WWII veteran and would like to give something to a veteran’s organization nearby.  Under this program, Carol would receive the following benefits:

An annual income of $68,000 that Carol will receive for the rest of her life;
A charitable tax deduction of approximately $400,000, which represents a tax savings of $111,899 in Carol’s 28 percent federal tax bracket.
Carol no longer has the costs or responsibilities associated with owning the rental property.
Carol would know that she helped a veteran’s organization that her husband would have approved and been proud of.

Don, age 78 and Beverly, age 77, are both retirees who own a rental property.  They want to find the best solution for their property since none of their heirs are interested in the property and the hassles of finding renters, costs of maintenance, and upkeep continue to burden them at their age.  The property is appraised at $800,000 due to its location. Don is a WWII veteran and would like to give something to the American Legion Post that he knows of in his area.  Under this program, Don and Beverly would receive the following benefits:

An annual income of $45,000 for the rest of their lives
A charitable tax deduction of approximately $399,437,  which represents a tax savings of $111,842 in their 28 percent federal tax bracket.
They no longer have to worry about the costs and responsibilities of owning rental property.
They know that they gave to a supportive organization during their lifetime.

Note:  The above situations are strictly fictitious and are used to illustrate the American Legion Post 291 CGA program.  If you are interested in the program, we recommend that you consult your CPA or attorney for a more detailed overview of a rental property exchange