If you are over age 70 it might be advisable to contribute a charity gift annuity to EBPLF and guarantee a cash flow to yourself for the rest of your life that is greater than the current long-term interest rates. For example a 70 year old can get a 5.1% distribution for the rest of their life, a 75 year old 5.8%, an 80 year old a 6.8% payment and someone 85 a 7.6% payment. Payouts can also be arranged for the rest of both spouses’ lives.
Further, there is a limited current income tax deduction based upon your age. The rate and tax deduction will vary based on the current rate when you make your contribution. If you wish, you can have a no obligation meeting with an EBPLF volunteer CPA professional to discuss how this will factor into your personal financial plans.