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With relatively low unemployment and favorable income indicators, Fairfax County is a place where families often save for the future. With this in mind, Fairfax residents have a lot of different opportunities for investment or strategic savings that will minimize taxes and preserve gains.

One popular option is a charitable gift annuity. A charitable gift annuity is a type of financial vehicle that does two things. First, it allows a person or group to contribute money to a charitable cause. Secondly, it acts like other annuities in allowing for tax deferment. For those who are looking for ways to reduce their tax burden, a charitable gift annuity may be a “write-off” or deferment where invested money is doing something important while it is locked away, as an alternative to real estate deals, low-interest money market accounts, or other choices.

Local charitable gift annuities in Fairfax

In terms of giving to local causes, Fairfax residents have some interesting options. One is a contribution to the Fairfax Library Foundation, where residents can contribute $1000 or more toward the foundation’s general endowment to support the library’s acquisition of books, computers and other resources.

Alternately, Fairfax residents can contribute directly to Fairfax City, with a charitable gift annuity that helps to set up local resources including community centers, public parks and other amenities for future residents to enjoy. A “Legacy for Fairfax” website details some of the types of contributions that individuals can make, including specific designated support for local installations, broader-based “needs funding,” or other programs like tree planting. Readers can also pick up forms that can be used to set up a donation.

In addition to these public-sector options, other local charities will also be able to offer charitable gift annuity opportunities for Fairfax residents.

Rules on Fairfax charitable gift annuities

Local charitable gift annuities in Fairfax will fall under Virginia state law on these types of financial agreements. Charitable gift annuities in Virginia are regulated under various sections of Virginia’s Civic Code. According to the American Council for Gift Annuities, the state requires a charity offering this kind of donation setup to be at least three years old, and to maintain assets of at least $100,000.

Local Fairfax financial advisors and other experts recommend always investigating the potential recipient of a charitable gift annuity, and understanding all of the terms and conditions attached to these types of investments. With the right oversight and the right research, a charitable gift annuity can be a great way to save for the future while putting money toward something that advances the greater good and promotes future prosperity in this Northern Virginia area.

Sayan Bhattacharjee

The writer is head of content strategy at Fairfax-based WiserAdvisor, an independent network of financial advisors and is not affiliated with any specific brand. For more on WiserAdvisor, visit www.wiseradvisor.com.