Times Readers Act on Trust Article
On behalf of Scripps Foundation for Medicine and Science, I would like to thank Betty Lukas for her article on charitable remainder trusts in the May 22 issue of The Times.
Two of your subscribers read the article on that Sunday evening and called their attorney on Monday morning. By Friday of that same week, we had met with a wonderful couple, their attorney and their accountant. By the following Friday, their $4 million home had been appraised, put in a trust, listed with the realtor, and our new donors were on their way to a new home in Maine.
Now, they will receive income for life as soon as the home sells, avoid over $600,000 of capital gains taxes and over $2 million of estate taxes, and receive a current income tax deduction of over $1 million.
They are also very pleased that at the end of their lives a magnificent gift may help find a cure for inflammatory bowel disease.
RON TIMMONS, Associate Vice President, Scripps Foundation for Medicine and Science, La Jolla
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