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January 20, 2023 News

Important changes regarding Charitable Gift Annuities and Qualified Charitable Distributions

Two important changes occurred recently regarding Charitable Gift Annuities (CGAs) and Qualified Charitable Distributions (QCDs).

As of January 1, 2023, Charitable Gift Annuity rates increased by approximately 0.6% depending on the age of the beneficiary. If you or others at your parish or Episcopal organization would like to create a new CGA in 2023, please contact ECF for an illustration at [email protected] or by calling 800-697-2858. Please feel free to contact us with any questions you may have. We are always ready to assist you in any way we can.

One can download ECF’s informational booklet and application here. You may also view the new rates here.

On December 29th President Biden signed the Consolidated Appropriations Act of 2023. The Act allows individuals over 70 ½ to make Qualified Charitable Distributions (QCDs), which may count toward your assigned Required Minimum Distribution (RMD), from a Traditional IRA to fund one or more CGAs up to maximum total of $50,000. This special use of the QCD may be used once in a person’s lifetime. If you would like more information on this new option or would like to review an illustration for you and/or your spouse, please email [email protected] or call 800-697-2858.

Also, ECF has recently recorded a new 15 minute webinar on the Benefits of a CGA, which you can view here.

Before finalizing any gift, donors should consult the appropriate professional advisors. For more detailed information, please visit this post here on the American Council for Gift Annuities website.

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