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Bound Together by Love

Ruth Ann Manges smilingWhen Ruth Ann Manges became a resident at Otterbein Portage Valley, she did so with enthusiasm. But then again, that's always been her approach to life. Not only is she a member of the resident steering committee for the Campaign for Life Enrichment at Otterbein Portage Valley; she was one of the first residents to make a pledge toward the Life Enrichment Center.

On her 60th birthday, Ruth's sister cross-stitched a poem for her as a gift:

"A family is like a quilt,
Lives stitched together
With colorful memories,
Filled with laughter and tears,
And bound together by love."

The cross-stitching also included five cross-stitched hearts, one for each member of Ruth's immediate family. Each heart has a charm attached to it: a tractor for her dad, a sewing machine for her mom, a flamingo for her brother, a typewriter for Ruth and a trumpet for her sister. All indicators of a tight-knit family filled with love and passion for one another.

When Ruth was planning to move from Georgia back to Ohio, where most of her family lives, she had a critical decision to make—where to live. Her sister-in-law sent her "tons of information" about places to live, which she narrowed down to four possible choices, one being Otterbein Portage Valley. She made appointments to take a tour at all four. Ruth knew she wanted to pick the best and most suitable place to live long term, so she made a list of pros and cons for each visit she made.

As fate would have it, she moved into a place as cozy as a quilt, a continuing care retirement community three miles from her brother and also near her aunts, uncles and cousins. It was located in the country, which appealed to Ruth since she grew up in the country. It also had plenty of opportunities to volunteer and—something Ruth found particularly appealing—call buttons! This winner on her pros list—Otterbein Portage Valley—was like "coming back home," she says. Add one more stitch in the quilt—when she got there, she found out she knew a lot of people who already lived there!

Ruth didn't waste any time becoming involved in the community. A natural leader, Ruth is secretary of the resident council, chair of the hospitality committee, serves on the administrative subcommittee, leads the monthly hen pecking party, and she and resident Betty Bauer make and sell cookies every Friday morning—the proceeds of which go to Heifer International.

Ruth's giving to Otterbein Portage Valley's capital campaign for the Life Enrichment Center was in the form of a charitable gift annuity. "I'm glad I'm able to do this," she says. "Otterbein Portage Valley benefits and so do I. I appreciate that."

Ruth likes the idea of receiving the dependable payments and tax advantages that a charitable gift annuity offers. Barbara Radebaugh, regional director of development for Otterbein Portage Valley and Otterbein North Shore, says, "Ruth's thoughtful gift is one that provides income for Ruth while helping us fund the building of the much-needed Life Enrichment Center on the Portage Valley campus. It's a great way to make a gift!"

Ruth says, "I'm excited about the Life Enrichment Center. It will be a wonderful common area, convenient for various functions. We won't have to look for an available room. Yea!"

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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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