A Gift that Gives Back
After graduating from Westminster School in May of 1976, Frank Walton, a Simsbury native, left for the warm beaches and sunny skies of Florida, where he earned his math and economics degrees from Stetson University. Instead of returning to the Northeast, Frank built his life in Florida. While he’s never regretted leaving Connecticut, he has always been grateful for how his time on Williams Hill prepared him to think critically, consider others in his choices, and to connect with his community.
In 2008, through a gift in his will, Frank joined the Thring Society. More recently he and his wife, Alison, visited campus and learned about charitable gift annuities (CGA). This type of gift appealed to the couple because of the upfront income tax deduction and ability to defer payments to lock in a higher annual payment.
After an unexpected investment return, Frank decided this was the time to take action. He chose to defer his CGA payments for five years to get a higher rate of return and align the income with his targeted retirement date. Frank signed and mailed the CGA contract and a check to the school; the process was complete within a few days.
“It has always been our intention to leave a gift to Westminster School but that may not be a reality. Our parents are in their 90s and facing the possibility of outliving their savings. A deferred charitable gift annuity is a great solution. It provides a gift to Westminster in the future and gives us the added benefits of a tax deduction now and a retirement income stream when we are ready.”
In Frank’s case, the deferred CGA was a great option at the right time. Your situation will be different, but a CGA might be the ideal way for you to make a gift that gives back.
NEW: ACGA raises rates! Learn how that could mean more income for you.
