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A ‘Win-Win’ Way to Give

Georges and Mary Birenbaum

Georges and Mary “Shorty” Birenbaum recently created two gifts to Earlham that also pay them back.

Ask Mary “Shorty” Birenbaum ’61 why Earlham was the best place for her and she responds with quiet conviction. “I learned to listen, to hear what other people are saying,” she says.

As for her husband, Georges ’63, after attending a distant relative’s graduation at Earlham, he knew it was where he wanted to be.

For the Birenbaums, Earlham set the stage for life-changing experiences. Earlham was where they met and fell in love. It was where they honed their knowledge to be successful in their careers. Earlham offered a foundation of principles that guided their philanthropic and service efforts throughout their lives.

Now Georges, a retired ophthalmologist, performs eye surgeries pro bono for those in need worldwide. Shorty, among many other community pursuits, was an Earlham board member who became an honorary lifetime trustee when her term ended.

Longtime Earlham donors, the Birenbaums have made a pledge to give back for all that Earlham helped develop in them.

The couple also recently set up two gifts with Earlham that will pay them back, known as charitable gift annuities (CGAs). Simple to set up, according to Shorty, the couple chose this type of gift because it is a “win-win situation” for both parties involved.

“We know we’ll receive steady income from the CGAs, and Earlham will receive the remainder after our lifetime,” she says.

“If you’re looking to the future,” Shorty adds, “CGAs give you some security and you help Earlham in the long run.”

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A charitable bequest is one or two sentences in your will or living trust that leave to Earlham 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

"I give to Earlham, a nonprofit corporation currently located at 801 National Road West, Richmond, IN 47374, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

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 Earlham 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 Earlham 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 Earlham 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 Earlham where you agree to make a gift to Earlham 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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