Can I Give Something to Charity and Still Receive an Income for Life?
Yes, you can give to charity and still receive an income for life. There are several ways to do this, such as:
- Charitable remainder trust: This is a trust that you set up. You transfer assets to the trust, and the trust pays you an income for life. When you die, the remaining assets go to the charity.
- Charitable lead trust: This is a trust that you set up. You transfer assets to the trust, and the trust pays the charity an income for a specified period of time. When the period ends, the remaining assets go to your heirs.
- Charitable gift annuity: This is a contract between you and the charity. In exchange for your gift, the charity will pay you a fixed income for life.
