Published on March 2, 2017
Wesley Hauck was a dear friend of AICR and a firm believer in our cancer research and education programs. He told us “I follow the ‘dietary guidelines’, I believe in the mission and I pray that my gifts can help others avoid the tragedy of cancer, which took my wife many years ago.”
A while back, Wes came to us with a problem. He was retired and needed more income. He had some highly appreciated company stock that was not paying a competitive dividend. He couldn’t sell the stock because of the significant capital gains tax.
The answer to his problem was to gift the stock to AICR and through a gift annuity, receive income for life. Wes received a significant tax deduction, a higher income than the stock dividends and he greatly reduced the capital gain tax.
How a gift annuity works:
• You transfer cash or other assets to AICR and in return receive income for life.
• The income is fixed and will not change with interest rate and investment market fluctuations.
• Part of each payment is received free of tax for a period of time.
• You are entitled to an income tax deduction equal to the value of the gift portion of your annuity.
• Because the gift portion of your annuity will be used for charitable purposes, the amount of your gift annuity will generally not be included in your taxable or probate estate.
A few years after Wes’ gift we received a letter from his sons. “Dear AICR Friends, Thank you so much for your continued notes and good wishes for Dad. He has had a few strokes now and it is difficult for him to get around, but your personal wishes always bring a smile to his face. Your gift annuity program has made it possible for us to have good care for Dad. Also, we appreciate that his gift supported a fine cause in which he strongly believes. We all support you and thank you for the way you make a difference in people’s lives. Our personal thanks and best regards, Gary and Jim Hauck.”
Wes’ gift was given a number of years ago and he passed away shortly after we received the note from his sons. His gift was that much more meaningful to him because he took comfort in the fact that it would eventually provide significant funds for future, lifesaving cancer research and education programs.
Find out how you can make a gift to AICR that pays you income for life by clicking here or call our Gift Planning Office at 1-800-843-8114.