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Jerry and Berkley Davis are residents and longtime friends of Hillcrest. Jerry has served on the Board of Directors and Berkley on the Development Committee of the Board.
When Jerry and Berkley were considering the cost of moving to Hillcrest, they asked themselves, "Is there a way we can make a significant gift to help residents who have outlived their financial resources and not jeopardize our ability to cover our own, expenses at Hillcrest?"
The answer was "yes"...by using a remarkable tool called a charitable remainder trust.
Jerry and Berkley owned a piece of farmland in the Central Valley of California and, like the majority of farmers, most of their assets were tied up in land...with huge capital gain. But by giving the land to a charitable trust they avoided all the capital gains taxes...and are earning a lifetime income higher than the land itself produced. Plus...they received a sizeable income tax deduction. Eventually, what is left in the trust will be a gift to Hillcrest to help residents who have outlived their financial resources. When Jerry and Berkley compared the charitable remainder trust to selling the land, paying the taxes and reinvesting the proceeds, they discovered that over their lifetime they would receive nearly 50% more in income and tax savings with the trust than with a conventional sale and reinvestment strategy.
Higher income...no capital gains taxes...a charitable tax deduction...plus a major charitable gift to a cause they believe in. This is not just a wise investment, but good stewardship. Jerry and Berkley, through their charitable remainder trust, are building a future for themselves as well as for the residents at Hillcrest.
