Nik & Janice Halladay Establish "Gift Annuity for Home"
Longtime Everett residents Nik and Janice Halladay have established a "Charitable Gift Annuity for Home" with the Providence General Foundation in support of the Foundation's Campaign for Providence for the new Cymbaluk Medical Tower.
In this case, the Halladays established a simple agreement between Providence that will guarantee Nik and Janice income for life in return for a one-fourth remainder interest in their condominium home in Mill Creek. The Halladays retain the control and use of their home for life and receive a guaranteed annuity payment in return for deeding one fourth of the remainder interest in their property to Providence. The payout rate is based on their ages at the time of the gift and when the payments begin.
"We wanted to support the Hospital's Campaign with a major gift and this was a very practical way for us to do so without having to part with any assets at this time," says Janice, former chairman of the Providence Regional Medical Center Board of Directors and Providence General Foundation Board of Directors. "The bonus is we actually receive a life income-much of which is tax-free-along with a generous tax deduction in exchange for this planned gift commitment."
The Halladay's indicated that they also wanted to support the new hospice care center that opened on the eighth floor of the hospital. So provision was made to designate 25% of this planned gift to someday help support the costs of that important project.
"The Halladay's are a remarkable couple who care deeply about the future of this community and region," said Randy Petty, former Foundation Chief Development Officer, who facilitated this gift for the Halladays, "and the Providence General Foundation is deeply appreciative of their generous planned gift."
Charitable Gift Annuities for Home are an increasingly popular way for seniors to use their home (or a partial interest in their home) to someday support the mission and work of Providence while maintaining complete control and use of their home for life while receiving a life income in exchange for this gift. "It's a win-win," says, Nik, "Providence will benefit from this future six-figure gift after Janice and I have passed on; but today Janice and I receive the benefit of life income and a great tax deduction in exchange for this gift arrangement."
For information regarding Charitable Gift Annuities for Home and how this type of planned gift could work for you, please contact the Foundation at (425) 258-7500.