Friday, May 17, 2024
Deferred Gifts

3.4.5 Basic Quiz -- Gift Annuity for Home
With a gift annuity for home, the donor gets to remain in the home for the rest of his or her life.
     True      False
The gift annuity for home provides both an income tax deduction and an income stream.
     True      False
The age of the donor is not a factor when a charity is creating a gift annuity for home.
     True      False
It is possible to fund a deferred gift annuity with the remainder interest in a home.
     True      False
A gift annuity reserve fund may hold the remainder interest in a home in every state.
     True      False
In states that regulate gift annuities, the charity may be required to put other funds into its gift annuity reserve accounts when it writes a gift annuity for home.
     True      False
Barring an agreement between the donor and the charity, in most states the charity pays for the maintenance, insurance and property taxes on the home while the donor is still living.
     True      False
If a charity decides to issue a gift annuity for home contract, it should do an inspection of the property to make sure the title is clear and that there are no environmental issues.
     True      False
Before accepting a gift annuity for home contract, the charity should do a cost/benefit analysis to see if this gift will truly benefit the charity.
     True      False
With a gift annuity for home, the charity does not receive any proceeds until the donor or donors pass away.
     True      False



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