For Glen ’68 and Marybeth Watkins ’68 Gessele, one of the most important memories of their time at Union was the strong connections built between student and faculty. In fact, they first met at a party in a professor’s home after Marybeth transferred to Union in 1966. One year later, Glen popped the question after a similar event.
“We like what we see currently taking place at Union—the focus on strong student and staff relationships, the close relationship between the college and the College View church and the college’s ongoing impact in the Lincoln community,” said Glen.
That’s one reason the couple decided to support Union College with a charitable gift annuity—it allows them keep a strong relationship with Union by supporting their alma mater and receiving an income for the rest of their lives.
Here’s how it works: the Gesseles give a gift to Union—the gift might be cash, securities, or other assets. In return, they receive a partial tax deduction in the year of their donation. After that, they receive a fixed stream of income partially tax free from the charity for the rest of their lives.
“We chose to support Union College through charitable gift annuities because they are a win-win financial planning and giving tool,” said Glen. During his 25 years serving in the Planned Giving and Trust Service department of the Oregon Conference, he’s seen firsthand how charitable gift annuities provide donors with a lifetime income stream as well as making provision for a gift to the charity of their choice.
Glen outlined several other benefits of charitable gift annuities:
- They are easy to understand and set up.
- A lump sum of money is given and the donor receives a known income stream for life.
- There are never any maturity dates or reinvestment decisions to worry about.
- The annuity payments are sent directly to the donor’s checking account.
- The tax benefits received—an immediate charitable income tax deduction, plus a portion of the annuity payments are received tax free.
- No one can talk donors out of the money placed in annuities.
- There are many options for setting up income streams for beneficiaries.
- And last, but certainly not least, upon death the remaining value of any charitable gift annuities will support Union College students.
“Union College has our support because we appreciate what Union did for us,” said Glen. He believes charitable gift annuities are a great way to give because they can be structured to fit almost any situation, and the payout rate is normally higher than other fixed rate investments.
Check out the possibilities for yourself. To receive a complimentary illustration on how a charitable gift annuity will work for you, please contact Ken Farrow in the Union College Advancement office at 402.486.2503 or at firstname.lastname@example.org
By Ken Farrow is director of leadership giving at Union College