First Unitarian Church of Providence

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annuities

Generally speaking, annuities are tax-deferred investments. This means that when one passes away, the beneficiaries pay income tax on some portion of the annuity. Therefore, as with an IRA, if you are inclined to give to a charity, it is better to leave the charity something that otherwise would result in family having to pay income taxes. Of course, you can still leave to your family those assets that would not result in owed income taxes. Making a gift of an annuity to the church also avoids probate.

Get started: Connect with the company that manages the annuity. Every annuity has a beneficiary designation form. Completion of these forms should not require the help of an attorney. Simply list "First Unitarian Church of Providence" in the space for the beneficiary, sign the form and return it to the company that manages the account.

Disclaimer: The information provided here is intended to help you think about and evaluate your estate planning options when it comes to charitable giving. You should seek professional advice from an attorney or estate planner of your own choosing in preparing your actual estate plan. Material provided by Paul Brule, Esq. Walsh, Brule & Nault

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