Don '56, MS '61 and Pat Warner
Don Warner '56, MS '61 and his wife, Pat, have created two gift annuities. They saved on taxes when they funded the annuities, and now they receive guaranteed income for as long as they live. The Warners used cash to fund their annuities, but appreciated securities also work well for this type of gift. Using low-basis securities for a gift annuity allows you to avoid tax on a significant portion of capital gain.
After the Warners' lifetimes, the amount remaining in their annuities will be added to the Warner Endowed Scholarship Fund, which they established in 2007. Their scholarship supports honors students who also participate in varsity athletics.
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.