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Life Income Gifts: Key Characteristics
All life-income gifts share a set of key characteristics.
Which of the following are true?
- Life Income Gifts are all subject to both Federal and state laws.
- Life Income Gifts are guaranteed by your organization.
- The donor is entitled to a current income tax deduction in the year the Life Income Gift is created for a calculated amount and not for the full face amount placed in the agreement.
- Life Income Gifts are irrevocable once the contribution has been made.
- Life Income Gifts may only be made during the life of the donor.