After serving for decades as a teacher in a small rural town, Patricia retired. After a number of years in retirement, she decided to get a part-time job at a retail store in town “for something to do.” She enjoyed her job and wound up working there for over 15 years. During that time, she accumulated stock in the company as part of her compensation.
At the age of 88, Patricia decided to retire a second time and discovered that the value of her stock in the company was over $100,000!
Patricia thought about what to do with the stock for a while and then called the Wisconsin Conference Planned Giving and Trust Services Department. She told them she was looking for extra financial security for her remaining retirement years, but her main desire was to leave a gift to the Wisconsin Conference after she passed. Patricia was very pleased to discover she could receive a good payout based on her age. Plus, there would be a charitable tax deduction, and part of the income would be tax-free!
She was surprised by how easy it was to transfer her stock for a charitable gift annuity and was delighted with the fixed payments for life that she received. She avoided part of the capital gains tax on her stock, and her CPA was pleased that her charitable deduction would save taxes. With her tax savings and increased income, she plans to spend more time with her great-grandchildren this year!
Patricia has peace of mind knowing that she will have extra income for her remaining retirement years and is making a Kingdom difference. One gift, two blessings!
Please note: The above true story is shared with permission; however, some of the details have been changed to protect her identity.
Charitable Gift Annuities can be created with cash and even with an IRA. Charitable Gift Annuities are not suitable for everyone. Contact the Planned Giving and Trust Services Department for questions.
Bill Ochs
WI Conference Planned Giving Director
Email: bochs@wi.wiadventist.org
Phone: 920-484-6555