A Gift That Gives Back
Gaylah Cantrell Kinder ('55) feels part of the Union College family. When asked what she loves most about Union College, Gaylah responded, "Union College never forgets her own. I only came to Union for a couple of years but they always consider me part of the Union College family. They keep in touch and I have good friends still at Union College."
Gaylah and her late husband, Don Cantrell '55, kept a special place in their hearts for Union, so several years after Don's death she found a way to give back to the college they both dearly loved. Gaylah owned a condominium in Florida that she had thought about selling for a number of years and since she desired to make a gift to Union College, gifting the condo made perfect sense.
For many years Gaylah had rented out her condo but she no longer wanted to manage it. "I was getting older and didn't want to bother with renting it anymore," she explained. "When my husband passed away I didn't want to have those responsibilities."
She had heard about charitable gift annuities and started asking Union College about the possibility of establishing one. "For years I considered setting up an annuity and talked to Union College several times about it," Gaylah said.
She decided a charitable gift annuity was the best way to give back to Union and since then she has been pleased to receive a guaranteed fixed-income stream which will continue for the rest of her life. When Gaylah dies whatever amount is remaining from the original gift will be applied to support Union's students. Gaylah easily turned an asset she no longer wanted to manage into a consistent stream of income that pays her on a quarterly basis.
A Win-Win Donation Option
There were other benefits to using her condominium to fund a charitable gift annuity. At the top of Gaylah's list was the ease of the whole process and the anxiety she avoided in having to sell the condominium herself.
"It lifted the stress off my shoulders," Gaylah said about letting Union sell the condo for her. "I was not worried because I knew it was in good hands, I knew what I wanted and the college understood my goals and everything worked out very nicely in the end."
Giving the condominium not only provided some stress relief; it provided a nice tax benefit as well. Gaylah owned the condo for 24 years and it had become a highly appreciated asset. By giving the condo to Union College and setting up a charitable gift annuity she received an immediate charitable tax deduction and spread her capital gains taxes over a 16-year period.
When Gaylah gave this gift she wanted to help the broader mission of Union so she placed no specific designation on the gift, trusting the college to use it for whatever is the highest priority at the time of maturity.
"I love Union College and from time to time I run into graduates of the college and always have lovely conversations," Gaylah exclaimed. "Because Union treats me like family I desired to do something to show my love for the college."
In the end Gaylah was very happy about the whole process. "I was very pleased with everyone involved at Union. I love Union and that is why I decided to let Union do this for me."
See How You Can Benefit
If you too want to let Union College relieve you of the stress of managing an asset you no longer want to own and you would like to have an income stream that is guaranteed for the rest of your life, please contact Ken Farrow by calling 402-486-2600, Ext. 2200 or emailing firstname.lastname@example.org. He looks forward to helping you remove stress from your life and give you the peace of mind a guaranteed income stream may provide as well.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.