Giving to Wheaton College

We have been very impressed by and pleased with the consistent evangelical influence of Wheaton and its students. We are thankful to play a small part in the programs of Wheaton College.

Giving to Wheaton College

I can’t say enough about the peace we feel, knowing that the assets God has blessed us with over the years will be distributed to our heirs and will benefit Wheaton, too.

Giving to Wheaton College

Wheaton has a great, long track record of trust management, and its commitment to excellence in the endeavor is demonstrated by going the extra mile in establishing a nationally chartered trust company.

Ed and Betsy Pearce

Ed and Betsy Pearce

Blanchard Society

Full Story ›View All Stories ›
Tim and Cindy Jacobson

Tim and Cindy Jacobson

Blanchard Society

Full Story ›View All Stories ›
Tom and Lorie Lindholtz

Tom and Lorie Lindholtz

Blanchard Society

Full Story ›View All Stories ›

Create Income for Someone Else

Menu

Example: Setting up a Gift Annuity for Someone Else

Joel is interested in providing an income stream for his mother, age 80, as well as supporting Wheaton College.

Joel can fund a $10,000 Wheaton College gift annuity that pays an annuity rate of 6.8% (based on her age) or $680 each year for as long as she is living. Assuming that Joel funds the gift annuity with $10,000 cash, the $680 annuity amount is treated as $144.16 of ordinary income and $535.84 of tax-free income (until the end of 2022) for Joel's mother.

Joel can also claim a current Federal charitable income tax deduction in the amount of $4,965.14.

Joel consults his tax advisor, who concludes that while Joel is making a gift to his mother (a non-spouse) in the amount of $5,034.86(the difference between his $10,000 gift and his charitable deduction of $4,965.14), the amount of this gift is covered by Joel's $14,000 annual gift tax exclusion amount. Thus, Joel will not incur any gift tax for this gift to his mother. The advisor endorses establishing the gift annuity, as it is providing a financial benefit to Joel's mother and to Wheaton College, as well as tax benefits to Joel.

Media Center