By David Rodeck
From Kiplinger’s Money Power
Q: I’ve been thinking of making a sizable donation to charity, but I’m a bit worried about giving away money I might need in retirement. I’ve heard that a Charitable Gift Annuity could be the answer. How does that work?
A: A Charitable Gift Annuity can generate retirement income for you from assets you donate to the charity. After you make a single lump sum donation, the charity sets up an annuity contract.
“It’s like getting a pension,” says Patrick Simasko, an elder law attorney in Mount Clemens, Michigan. “They’ll pay you a fixed, predictable income stream for the rest of your life. Once you die, anything leftover stays with the charity.”…