When a donor establishes a gift annuity with cash or securities, he or she makes a gift in exchange for UMass’ agreement to pay one or two annuitants a fixed income for life. The donor receives a partial income tax deduction in the year of the gift that may be carried forward for up to five years. Payments to the annuitants – which begin immediately – are made quarterly for life, and are backed by the assets of the UMass Foundation. A portion of the payments may be tax-free. (A minimum contribution is required).
When the last annuitant passes away, UMass Lowell uses the remaining funds for the purpose that the donor specified at the time of the gift.
This option may be of interest for donors as young as age 50 wishing to supplement future income. Payments begin at an agreed-upon future date, and the donor receives:
Another life income gift arrangement that offers a lifelong income stream and significant tax benefits, charitable remainder trusts can be established through gifts of $100,000 or more. Benefits Include:
For a personalized proposal or any other information, please contact the UMass Lowell Office of Gift Planning at 978-934-4810 or GiftPlanning@uml.edu.