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Making giving a way of life - Tom and Eleanor Hicks
About 20 years ago, Thomas “Buck” and Eleanor Hicks were visiting his World War II buddy in Ohio. The friend told Buck that for only $16 a month, he could support vital research at St. Jude.
It was an easy decision for the newly retired couple. “Eleanor and I had everything we needed,” said Buck. “We have always been very conservative. I call it a ‘Depression hangover.’”
A few years later, Buck and Eleanor started using part of their retirement income to create charitable gift annuities with St. Jude. In exchange, they receive fixed payments for life, which they then use to establish additional gift annuities.
Since a portion of the Hicks’ gift annuities will be used to help the children of St. Jude, they enjoy a generous charitable tax deduction in the year of their gift. A portion of each payment they receive is also free of income tax for a period of time.
They now have a number of St. Jude gift annuities and plan to use the income to help fund long-term healthcare costs should the need arise. By doing so, they hope to preserve more of their estate for their children and grandchildren.
“I was familiar with the concept of commercial annuities through my work in the insurance industry,” Buck explained. “But a charitable gift annuity provides financial support for St. Jude as well as providing a lifetime income for us.”
Buck added that “about 84 percent of St. Jude’s charitable gifts go toward the needs of the hospital and the children. That shows St. Jude uses its funds wisely.”
Learn more about Charitable Gift Annuities
