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KMID : 1124020130290030225
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Korean Social Security Studies
2013 Volume.29 No. 3 p.225 ~ p.248
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A Study on the Charitable Gift Annuities
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Shin Kee-Chul
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Abstract
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A charitable gift annuity is a sort of planned giving. It involves a contract between a donor and a charity, whereby the donor transfers cash or property to the charity in exchange for a lifetime stream of annual income from the charity. Therefore it promotes a donation from a retired person who accumulates wealth beyond expectation. Survey for university hospitals and charities reveals that there is a necessity to introduce a charitable gift annuity. Contrary to the USA and Canada, charities in Korea are unfamiliar with trust model and very small. Therefore in our country, a contractual arrangement model with an annuity administration vehicle will be better. This thesis focuses on governance, suitable annuity administration vehicle, annuity payment method, annuity guarantee and allowable charities. A charitable gift annuity plays a role to loosen social conflicts as well as boost giving culture. In order to boost giving culture, it is necessary to introduce an independent government organization, and to play an active role by national tax agency. Further it has better to be based on philanthropic marketing.
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KEYWORD
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Planned giving, charitable gift annuity, private social welfare, social conflicts
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