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This donor couple desires to remain anonymous, so let's call them Tom and Jeanne. Tom and Jeanne Smith were residents of Hillcrest for just one day when Tom came to the office of Hillcrest's Chief Development Officer with a financial problem. He and Jeanne owned shares in a mutual fund that had grown too much.
A problem?
Yes a problem. These funds had not just doubled... not even tripled... they had quadrupled in value. But they weren't producing any income, which they needed in their retirement. They just kept growing.
If Tom and Jeanne had used a traditional investment strategy - sell the funds, pay the capital gains taxes and reinvest in an income-producing security - they would have had thousands of dollars less to reinvest than the mutual funds were worth.
What else could they do? That was the question they asked when they came to see Reggie Ingram... and the answer was a charitable remainder trust.
This unique planned gift opportunity may seem too good to be true. First, it provided the Smiths a lifetime income. Second, they avoided all the capital gains taxes. Third, they received a charitable tax deduction. And fourth, they became major donors to Hillcrest.
They did better financially by giving away those mutual funds than by keeping them. This was truly a win-win situation. They won and Hillcrest won.
