It Does Good in Every Direction

Bart and Charlaine Shackelford's Charitable Trust
Bart: When I looked ahead, I was looking for a way to ensure that Charlaine would have adequate income in the years that lie ahead. We also hoped that we could further help Church of Our Saviour. Then I remembered the stock that I had received some years ago as part of a settlement with a life insurance company.

Episcopal Gift(EG): When you received these shares as part of a settlement, your tax basis was virtually zero, so that you would have to pay capital gains taxes if you were to sell them.

Bart: Yes, that is what made me think of using them to establish a charitable remainder trust (CRT). Within a CRT, we could sell the stock without having to pay capital gains taxes up front. Then the entire proceeds could be reinvested in a lower-risk, diversified portfolio.

EG: And the trust pays you income?

Bart: We receive quarterly checks, automatically deposited to our checking account. It?s great! Because we chose an annuity trust, the payments will always be the same?constant for as long as Charlaine or I am alive. This gives a great sense of security.

EG: Eventually, the trust will benefit your parish?

Bart: Actually, it will benefit four institutions that have been very important to us: Church of our Saviour, the Church Divinity School of the Pacific, Marin General Hospital, and the College of Engineering, UC Berkeley.

EG: This is a wonderful legacy. How did you go about setting the trust up?

Bart: I called the Gift Planning Office of the Diocese. The folks there made it very simple. They took care of everything?even faxing the tax deduction information to my tax accountant.

EG: Do you have any final words to share with others who may be considering making a gift this way?

Bart: Do It. For Charlaine and me, having this trust has given us a dependable income that she will not outlive, plus the satisfaction that we are making gifts to groups that have meant a great deal to us. It does good in every direction.
Note: Bart passed away recently and Charlaine is continuing to recieve the same steady income from their trust.