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A memorable Mediterranean cruise was just one of the happy consequences of Allan and Patti Jones' recent decision to make a generous donation of real estate to the John Muir Health Foundation.
Their funds for the trip got a boost from the charitable remainder annuity trust they recently established. Its quarterly proceeds already supplement the Walnut Creek couple's retirement income and will do so for the rest of their lives - all the while avoiding capital gains tax. The remainder of the assets will go to John Muir Medical Center. It's a win-win-win situation.
For Allan, a former electrical engineering consultant, and his wife, the decision to donate was set in motion as he was deciding what to do with a cottage he owned on two-thirds of an acre in Danville. His mother, Leona Jones, had lived there before she died of stroke in July 2005, after receiving treatment and earlier care at John Muir Medical Center for cancer.
"Allan and I thought the trust was the best way to go," says Patti. "We thought it was a really good thing for the community and would generate some revenue for us to live on. We owed John Muir a lot, and it makes us feel good to help out."
"We selected John Muir because we were so pleased with their services," Allan explains. "They took such good care of my mom." As for how he would advise others considering a similar donation, Allan says, "Talk to your financial people and see what they think. There's a little bit of gymnastics involved to make it happen, a combination of working with your attorney and your financial consultant, but it's very doable and is a very reasonable approach to take."
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