Beginning this year, these specific changes might also benefit your legacy giving:
- Charitable gift annuity (CGA) rates have increased. A CGA is a gift made to New Hope Ministries today. In exchange for that gift, and based on your age at the time of the gift, New Hope pays a lifetime of fixed income payments to you. And the rates just went up!
- Secure 2.0 Act offers a special one-time qualified charitable distribution (QCD) to a CGA. Beginning in 2023, people who are age 70 1/2 and older may elect (as part of their QCD) a one-time gift up to $50,000, adjusted annually for inflation, to a CGA. This amount counts toward the annual required minimum distribution (RMD), if applicable.
And there are more charitable ways to make an impact: