A charitable gift annuity is a transaction wherein an individual ?donates? cash, marketable securities, and other sorts of assets to a charitable organization in exchange for fixed annuity payments to one or two annuitants. These annuitants may be anyone but is often the ?donor? themselves. The transferred cash will be readily accessible to the charity organization while the annuitant will have to wait for the payments. The payments will last a lifetime in most cases.
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Source: http://www.qwoter.com/college/retirement-investing/charitable-gift-annuity.html
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