Several years ago Dean McPhail '59 and his wife Lora purchased a beautiful getaway beach house on the North Carolina coast. They knew they would get great pleasure from it. They also thought it would be a good investment that they could later sell for a higher price.
Dean: "We have owned this property for ten years. We have thoroughly enjoyed it, and it has been a good investment and increased in value. But the time came to consider its value as a supplement our retirement income."
Lora: "We also wanted to sell our vacation house without paying a large tax. Our tax advisor has told us that if we were to sell, there would be a large capital gains tax. We looked for alternative solutions and discovered the perfect one. Dean's wish to give back for the values he learned at The Citadel, and to honor his classmates who have given their lives in defense of our great nation led us to a Charitable Remainder Trust. It was exciting to discover that we could benefit by becoming philanthropists."
The good news is that Dean and Lora were able to use this special trust to receive three very nice benefits:
* Bypass capital gain
* Increase income
* Charitable deduction
Dean: "We're delighted with our Charitable Remainder Trust for several reasons. We saved more than $400,000 in capital gains tax and roughly $100,000 in income taxes. That's more than $500,000 in tax savings!"
Lora: "Plus, we increased our income from a source that produced none. When the time came to make this decision it proved to be more beneficial than we had hoped for."
