Planned giving and CGAs: Make a gift, receive a gift
For 28 years, Jeanette Wyrick provided spiritual care at Ascension St. Vincent’s Birmingham. “As chaplains, we strived to see every patient in the hospital, to offer spiritual support and aid the emotional part of their healing,” she says as the former director of spiritual care. “Especially, in the critical care units and during end of life, both patients and their families were making difficult decisions. We were available at all hours.”
During her tenure, Jeanette crossed paths with Bob Wyrick, an insurance field underwriter whose wife was hospitalized with terminal cancer. “Most of the time I was working out of town and couldn’t visit her every day,” Bob remembers. “But everyone at the hospital extended such good care to her, and we had happy memories even in difficult times. One day I walked into her room and said, ‘I just saw one of your coworkers,’ thinking Jeanette was a friend, because I had seen her there so much. But it turned out Jeanette was a chaplain!”
After Bob became a widower he and Jeanette remained friends. Eventually they married. After retirement, they knew they wanted to support Ascension St. Vincent’s future. “Serving at the hospital was very meaningful for me, and I received more blessings than I provided,” Jeanette comments. Because of his insurance background, Bob suggested they make their gift through a Charitable Gift Annuity (CGA).
Ascension St. Vincent’s Foundation is licensed by the Alabama Securities Commission to offer CGA contracts. Many donors find CGAs to be a mutually-beneficial “Planned Giving” vehicle, as CGAs allow donors (annuitants) to make a gift of cash, appreciated stock, or their home in return for a fixed regular payout during the donors’ lifetimes. At the end of a donor’s life (and the spouse’s life, if giving as a couple) or term of years, Ascension St. Vincent’s receives the remainder of the annuity.
In addition to an income stream, annuitants may also be eligible to take a tax deduction when making the gift. A portion of the annuitants’ payments may also be tax-free.
There are minimum gift requirements for establishing CGAs, and donors are always encouraged to consult their financial/tax advisors to explore all Planned Giving options, from CGAs to wills/trusts, to life insurance designations. “We would definitely encourage others to use these charitable tax advantages to support the future of the health system,” Bob says. “It is a way of honoring the past and helping to secure Ascension St. Vincent’s future.”
To learn more about CGAs, receive a written gift illustration of the tax benefits and annuity payments, or explore other Planned Giving options, call 205-558-3850.