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Planned Giving
A Flexible Way to Give...And Receive
Jim Talley | |
Jim Talley came across an idea which makes a meaningful charitable gift AND provides additional financial security for him and his wife. A charitable trust is just one of several ways to support your charitable interests, like the Dr. Robert F. Thomas Foundation, and provide a stable income and other financial benefits for yourself or other loved ones.
Income gifts can result in extra income to you or another person of your choice, generate current and future tax savings, and help you make a charitable gift that might not otherwise be possible. Contact Debbie Dowling at (865) 429-6649 or ddowling@covhlth.com for additional information that is available to you and your advisors at no cost or obligation.
Talleys Create Charitable Trust
Fort Sanders Regional President and CAO Keith Altshuler recently had an opportunity to visit with longtime Covenant Health friend and donor Jim Talley. Mr. Talley and his wife, Jean, have created a charitable remainder trust for the benefit of several local charities, including Fort Sanders Foundation. We'd like to share a part of their conversation with you…
Altshuler: You and your wife have been long time donors to Fort Sanders Foundation. What motivated you to make those first gifts and keeps you giving now?
Talley: It is a labor of love for me because I feel such love for Fort Sanders and I always have. I was born at Fort Sanders on Sept. 12, 1924 and much of my life has been connected to that hospital. Both of our children were born there, too. I served on the board of directors for the hospital and learned so much about the hospital and patient care. I love the history of Fort Sanders and the people there. Fort Sanders was THE hospital back when I was young, and it still is THE hospital in my book.
Altshuler: The creation of a charitable trust represents a new way to give. What attracted you to this idea of a charitable trust?
Talley: When I turned 80 last year, I thought it was about time that I started doing something more for some organizations that mean a lot to me. I thought I'd like to give some money to Fort Sanders. So, Jeff Elliott suggested a charitable remainder trust. I didn't know anything about that kind of gift, but, as I quickly learned, it was a great option. I could fund it with stock, save the capital gains, and deduct the gift from my taxes. I was able to designate portions of the trust to benefit several organizations, including Fort Sanders and my church. And, the gifts are unrestricted so that the monies can be used where they are needed most.
Altshuler: You seem so enthused about your charitable trust. What would you say to someone who might be looking at a charitable trust as a great way to make a gift AND get some income in return?
Talley: Not only is it a good way to give money, but it has tremendous tax advantages. You retain income and save taxes. I'm not going to be paying any income tax for five years. If you fund the trust with stock, you can sell the stocks at no capital gains, too. Plus, with the money you give, you can specify the yield you want to get off of the gift. I'm getting a 5% monthly return for the rest of my life from this trust. It means a lot to me to be able to know that income is there as we get older and our medical expenses increase. I have told people about this idea and how good it is to include it as part of your estate planning. You have to sit down and talk to a financial planner or broker to work out the details…the effort is definitely worth it.
Altshuler: I've seen you work on behalf of our hospital for as long as I've been involved with it. And, you've been a donor for almost 30 years. It just means so much to us to know you and your wife, Jean, are still supporting us. It is an honor to know that someone would think of the hospital in such high regard that they would give such a significant gift.
Talley: I am a total, dedicated Covenant Health guy…and I want to do anything I can to help. It is where we come when we hurt and we always feel better when we leave. I have put out the word about this. And, I'm anxious for people to know about different ways of providing future gift support. When I get with something, I stay with it. I believe in this hospital and I'm with it till the end of the road. I wanted to put the money where my mouth is!
The Dr. Robert F. Thomas Foundation salutes Jim and Jean Talley for their lifelong generosity and support…and for sharing the story of their charitable trust with our readers!
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