"My years working at The Huntington were the best years of my life." That was how Nancy Cook Moll reflected on her thirteen years as an editor working at The Huntington Library Press, the second oldest publisher in California. As editor, and then managing editor, she helped produce scholarly books, The Huntington Library Quarterly, and general institutional publications from 1956 to 1969. The breadth and variety of assignments greatly satisfied her intellectual curiosity. Even after moving to Los Osos California, she remained in touch with co-workers and scholars from those happy and productive years.
Ms. Moll's original plan had been to transfer much of her estate to The Huntington through a bequest and she did, indeed, make generous provisions for the institution in her will. She then asked her attorney about charitable trusts. Discussions led to her establishment of a Charitable Remainder Trust or CRT that paid her an income for life and then passed to The Huntington at her death.
When her accountant calculated her taxes, he recognized that Ms. Moll not only received an important charitable tax deduction in addition to a good income, but that she had begun simplifying her estate. He advised her to "do another one of these any time you can."
Ms. Moll used highly appreciated stocks to fund the trust, simultaneously removing them from her estate and producing more annual income than the dividends usually paid. Although editing was her profession, reading and gardening were her passions. So she specified that the funds, when received, should benefit both the publications programs and the gardens.
Ms. Moll subsequently added to her income, received another charitable tax deduction and lent further support to The Huntington by establishing a Charitable Gift Annuity, CGA. As she shared with us in a note, "I am so glad to be able to give a little back to The Huntington."
Even after her recent passing, Ms. Moll's presence is still felt. The Huntington continues to thrive because of thoughtful and generous friends like Nancy Moll.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
A charitable bequest is one or two sentences in your will or living trust that leave to The Huntington a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.
an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan
able to be changed or cancelled
A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.
cannot be changed or cancelled
tax on gifts generally paid by the person making the gift rather than the recipient
the original value of an asset, such as stock, before its appreciation or depreciation
the growth in value of an asset like stock or real estate since the original purchase
the price a willing buyer and willing seller can agree on
The person receiving the gift annuity payments.
the part of an estate left after debts, taxes and specific bequests have been paid
a written and properly witnessed legal change to a will
the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will
A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to The Huntington or other charities. You cannot direct the gifts.
An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.
Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.
Securities, real estate or any other property having a fair market value greater than its original purchase price.
Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.
A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.
You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.
You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to The Huntington as a lump sum.
You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to The Huntington as a lump sum.
A beneficiary designation clearly identifies how specific assets will be distributed after your death.
A charitable gift annuity involves a simple contract between you and The Huntington where you agree to make a gift to The Huntington and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.