Charitable gift annuities can provide income and a charitable legacy

March 23, 2018

Philanthropy is generosity in action, and it can be passed down through families as a precious and vibrant inheritance. Take, for instance, how philanthropy has been shared by generations of the S.H. Shriver Jr. family.

In 2005, Margot Shriver and her husband established a donor-advised fund at BCF, the Margot and Sam Shriver Fund. She was following in the footsteps of her mother, Marion Ketcham, who also had a donor-advised fund at BCF. Both women had taken a cue from Margot’s daughter Pam Shriver, who for many years used a fund at BCF to distribute the charitable proceeds from her annual Tennis Classic fundraiser.

After Sam died, Margot maintained close ties with BCF. Recently, with the approval and guidance of her financial advisor, she established a BCF charitable gift annuity.

“I had to sell some stock because of a takeover,” she says. “If I took the money directly, it would have tax implications, so I gave it to BCF to create the annuity. It was an opportunity to use an appreciated asset to produce regular income for the rest of my life. It reduces my taxes now, and the remainder, after I die, will go to a donor-advised fund and then become a Fund for Baltimore.”

The advised fund will be guided by her two daughters, Eleanor and Pam. “I will leave clues about my wishes in a little book I keep,” Margot says. “My grandchildren call me ‘Gogo,’ so I’ve named the book, ‘What to Do When Gogo Goes.’”

Margot was greatly relieved that she could work with BCF to set up the annuity. “In 1995, I had to sell another stock and tried to give it to BCF, but they were not doing these annuities at the time,” she recalls. “I gave it to another place, where its value has decreased, which is aggravating. I’m much happier that I was able to work with BCF when I had to sell this particular stock.”

Margot’s two daughters (a third daughter was lost to cancer in 1997) are carrying forward the family tradition of philanthropy. Former BCF trustee and professional tennis player Pam Shriver, who now lives on the West Coast, spearheaded an annual tennis fundraiser for 25 years to benefit the Tennis Classic Fund at BCF. Eleanor Shriver Magee is actively engaged in the nonprofit community in Easton, Md., where she and her family live. She served most recently as executive director for the Historical Society of Talbot County. 

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