Gift Allows Couple to Protect Family, Help Valued Causes
By Joan C. McKinney, news and publications coordinator
Dr. W.R. and Janet Davenport have chosen Campbellsville University—a cause "dear to our hearts"—for the distribution of their estate funds through a charitable remainder trust.
"We are not wealthy," says W.R., who served as president of Campbellsville College from 1969 to 1988, "but when we are gone we want to share some of what is left with our children and also provide some support for causes that are dear to our hearts."
Through a charitable remainder trust, the Davenports, and anyone, can do the same.
The trust allows estate assets to be distributed to heirs over a period of years (called the trust period) and then to distribute the remainder of the estate to the ministries.
"It is a tremendous legal instrument," W.R. says, "that allows achievement of all these estate objectives."
W.R. says, for practical purposes, the trust allows a donor to give estate assets away twice. They can be given to heirs in a controlled fashion over a period of years and then, at the end of the trust period, given to the support of ministry.
A charitable remainder trust is in effect a "give it away twice" trust.
W.R. said he and Janet have "real peace of mind" about the arrangements they have provided.
"There is stability and security in the fact that the Kentucky Baptist Foundation will serve as trustee for the administration of the arrangement," he says.
"These structures allow us to leave our assets to our children over a period of years and then to direct the remainder of the trust to support the Lord's work through CU and the Gideons."
To learn more about how a charitable remainder trust could work for you, please contact Benji Kelly at 270.789.5061 or firstname.lastname@example.org.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.