Commuted Payment Gift Annuity
How It Works
- You transfer cash or securities to Westminster Theological Seminary. Our suggested minimum gift requirement is $10,000.
- Beginning on a specified date in the future, Westminster Theological Seminary begins to pay you, or up to two annuitants you name, fixed annuity payments for a period of years that you determine.
- Beneficiaries are recommended to be at least 65 to begin receiving payments and must be at least 40 to fund the gift.
- The remaining balance passes to Westminster at the end of the term of years.
- Commuting payments permits a higher annuity rate and generates a larger charitable deduction.
- You can target your annuity payments for the period of years when you need them, such as between retirement and when you are eligible for full Social Security benefits.
- The shorter the period of payments, the higher each payment will be.