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Phil and Sally Swan

Phil and Sally Swan had a long history with The Huntington. They had been Fellows since 1987 and were long time members of the Art Collectors' Council. Since Sally's recent passing, Phil has continued with both the Art Collectors' Council and the Society of Fellows. He also serves The Huntington as an Overseer, is the current Chair of the Planned Giving Committee and has been a member of the Committee since its inception in 1985.

When they were making plans for their future, their family and how The Huntington might play a role in their plans, the issue of life insurance was addressed. Phil is a long time believer in life insurance as an asset and in this case saw an opportunity to gift a paid up policy with a significant cash value to The Huntington as part of his overall giving. He and Sally were able to benefit with a charitable deduction equivalent to the cash value accumulated in the policy, ultimately make an even greater contribution to The Huntington then might have otherwise been possible. In addition, they had the pleasure of knowing their gift is recognized now instead of later. (Another example of putting an asset to work for you and The Huntington.)

Phil and Sally had also made a generous contribution to the Library by establishing a charitable remainder unitrust (CRUT). This gift benefits The Huntington in the future while they enjoyed a lifetime income from the trust which provided them opportunities to travel with their grandchildren. Phil continues to enjoy this income, and later, the trust remainder will fund acquisitions for the Library collections in the area of American and British history as well as provide funds for the creation of fellowships, exhibitions, lectures and publications in this area of study.

Phil had summed up their thoughts about their CRUT: "Sally and I are committed to the fabulous programs provided by The Huntington, and feel privileged to help The Huntington and ourselves with this unitrust gift. It's a win-win-win arrangement."

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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.

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