When you make an irrevocable gift of cash or securities (or sometimes real estate) CMC agrees to make fixed payments to one or two people for life, with payments beginning at a future date that is at least one-year after the gift. Payments are backed by all of the assets of CMC. After the last payment, the remaining account balance comes to CMC to be used as you direct.
Specific Starting Date Plan You choose a specific date when payments start.
Flexible Starting Date Plan You choose a range of potential starting dates. Payments may start at any point within the indicated range. Payments may start no sooner than the earliest date in the range, and must start no later than the last date in the range.
How You Benefit:
Lifetime Income Once payments begin they are payable for life.
Locked-In Future Income You know in advance what future payments will be.
Guaranteed Growth Your benefit grows tax-deferred inside the annuity at a guaranteed until payments start.
Tax-Advantaged Payments A large part of each payment will be tax-free if funded with cash.
Current Charitable Deduction You are entitled to a current charitable income tax deduction.