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Meet Tara and Billy

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Tara and Billy Miller donated appreciated stocks 
to the Foundation to open a charitable gift annuity. 
Their gift offers tax advantages, pays them income 
for life and helps ensure the top quality health 
care they’ve depended on is available in their 
community for future generations.  

CGA helps the Millers support the Foundation, avoid capital gains taxes and increase retirement income

An unexpected stock buyback left Tara and Billy Miller potentially facing a significant capital gains tax bill. After consulting their financial advisor and Brad Blandin, Bon Secours Mercy Health Foundation’s Vice President of Charitable Estate & Gift Planning, they chose to donate the stock to the Foundation to fund a charitable gift annuity (CGA).

“We were interested in a CGA because the annuity payments feel like getting some of our money back, like a rebate on charitable giving that we would make, regardless,” Tara says. “The buyback prompted us to explore ways to reduce taxes now without diminishing our retirement income in the future.”  

The Millers chose a flexible deferred CGA with Tara, the younger spouse, as beneficiary of the annuity payments for her lifetime.

“Tara and Billy are currently in their peak earning years and didn’t depend on the stock for current income,” Brad explains. “Donating the assets to fund a CGA provided a partial income tax deduction now and allowed them to defer the large capital gain until retirement, when their taxable income will likely be lower.”

“We’re not sure when we want to retire,” Tara shares. “It offers us flexibility between 60 and 70 to determine when annuity payments are most beneficial.”

A deferred charitable gift annuity is also an attractive option for highly compensated individuals who want to boost their income stream during retirement and benefit from a tax deduction now, in their top earning years.

“Many high-income individuals max out all traditional retirement vehicles and are looking for additional ways to reduce taxes and supplement their retirement income,” Brad says. “A deferred CGA offers these benefits and helps them accomplish their charitable giving goals.”

For the Millers, the tax advantages and retirement income are fringe benefits. The real reward is in the joy of giving back to the health care professionals that have taken care of them and their loved ones over the years.