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A Veranda for Vera

Vera Evans smilingOtterbein Cridersville resident Vera Evans is a charming, active and vivacious person. Just scheduling time with her is a challenge because she is always busy—whether celebrating a birthday party with family in Minnesota; traveling to Branson, Mo., with friends; or visiting one of her favorite places on earth, New York City. She is always a tough person to find at home. While we aren't revealing her age, let's just say that you would probably never be able to guess it accurately!

In all the hustle and bustle of life, her move to a home at Otterbein was a return to her roots. Raised just 20 miles from Lima in Gomer, Ohio, and teaching kindergarten in that area for 40 years means that "coming to Otterbein is like coming home," Vera says.

"Otterbein has been good to me," she adds. So when the opportunity arose to give a gift to support Otterbein's Wellness Center Campaign which will benefit others for years to come, Vera wanted to participate. The challenge was to discover a gift vehicle that would benefit Otterbein while honoring Vera's commitments and her desire to benefit her daughter, Barbara.

When Hodge Drake, Otterbein's regional development officer for the Cridersville area, met with her, he suggested a two-life gift annuity. He then met with Vera and her longtime friend and trust officer, Bob Shenk, to discuss the possibility. "This is a wonderful planned giving technique for those who want to make a gift and retain cash flow for themselves and loved ones," Bob says.

Through a charitable gift annuity, you can make a gift to the charity of your choice and receive fixed annual payments for life. This can be done for one annuitant, or in Vera's case, it became a wonderful opportunity to designate her daughter as the second annuitant. Annual gift annuity payments are based on the age(s) of the payment recipient(s)—the older the recipient(s), the larger the payments.

A substantial income tax deduction is allowed for a portion of the amount used to fund a charitable gift annuity. In addition, only part of the annual payments will be taxed as income for a number of years. If stocks or other property that has risen in value since purchase is given to set up a gift annuity, a portion of the capital gain is not taxed, and the remainder may be gradually reported over a period of time. If the donor and/or a spouse are the only payment beneficiaries, the amount used to fund a gift annuity is generally not subject to estate taxes that might otherwise be due.

Vera's generous gift provided a naming opportunity that helps support Phase II of Otterbein Cridersville's Wellness Center Campaign. This phase will provide for an exercise room, a warm water therapy pool and locker rooms. Phase I was the recently constructed Community Room that was completed and dedicated Aug. 16, 2007.

Vera's commitment allows her the opportunity to name the veranda that will surround the wellness area. The veranda will bring joy for many years to children and parents, grandparents and friends who will relax on Vera's Veranda as they visit with each other.

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Information contained herein was accurate at the time of posting. 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 any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: 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. Oklahoma residents: 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. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Otterbein Senior Lifestyle Choices a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Otterbein Senior Lifestyle Choices, a nonprofit corporation currently located at Lebanon, OH, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Otterbein or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Otterbein as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Otterbein as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Otterbein where you agree to make a gift to Otterbein and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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