Personal Service Connects Donors with Perfect Giving Choices
For Bishop Gerald McAllister and his wife of 57 years, Helen, charitable giving is an intrinsic part of their lives. After joining the Area Foundation family with a donor-advised fund in 2006, the McAllisters began exploring other opportunities for making a charitable gift. Eric Weissgarber, a Certified Financial Planner with RBC Wealth Management, worked with the McAllisters to evaluate their choices. They were interested in finding a way to give a charitable gift now, rather than later, which would provide an income stream and significant tax advantages. Weissgarber found the right vehicle in a current asset which could be converted to a charitable gift annuity at the Area Foundation.
Establishing the charitable annuity at the Area Foundation has three powerful advantages:
* A much larger rate of return at 7% (rates vary per age of donor)
* Significant tax savings because much of the growth will not fall under the "capital gains" tax rule
* The remainder of the annuity will go to support the charitable causes the McAllisters care about most.
"We are blessed to have the funds with which to make a significant gift and we feel comfortable knowing our donation will be used to support the causes we designate in our agreement," said Bishop McAllister. "We appreciate the San Antonio Area Foundation's expert staff, who worked with us and with Eric to create the perfect gift situation for our needs."
