Gifts of Heart and Home - Charles and Geneva Huff
Charles and Geneva Huff are long-time friends of Abilene Christian University students. Following Mr. Huff's retirement from the Atomic Energy Commission, they moved to a retirement property in Mora, New Mexico. Charles had accumulated considerable acreage over a long period of time and he and Geneva built their dream house on the side of a mountain overlooking a beautiful valley.
Changing needs directed the Huff's planning toward the eventual disposition of their retirement property. They counseled with The ACU Foundation regarding a secure personal future, preserving their options, and accomplishing their philanthropic interests through the students of Abilene Christian University.
The Huffs created a progressive plan over several years, including a Charitable Remainder Trust (funded by the acreage surrounding their home) which provided income for their retirement and a Life Estate Reserved arrangement for their home. Subsequently, when it was time to move into a setting with more available support, the Huffs exchanged their remainder interest in their home for a Charitable Gift Annuity, creating another income tax deduction and increasing their income.
The Huffs are now residents of Riverbend Retirement Center in Carlsbad, NM - enjoying income from their retirement planning and happy in the knowledge that their good stewardship will be beneficial to generations of students at ACU.
Charles: We had several objectives when we began our estate planning. We wanted to stay in our home for life, and we needed to convert the undeveloped property into a more productive asset. In the long term we wanted to use these assets for the benefit of charity and we wanted to help students realize their potential.
The Charitable Remainder Trust and Life Estate Reserved arrangement helped accomplish our goals. Plus, there are a number of economic advantages. The CRT allowed sale of our property free of capital gains tax, provided a current income tax deduction, and provides a stream of income for our use as long as Geneva or I are alive. When we are gone the funds in the trust will benefit ACU students for future generations. The Life Estate Reserved arrangement also provided a current income tax deduction, while allowing us to retain possession of our house for life.
Over time, priorities and conditions change. We began to realize that it was not practical for us to stay in a mountain home in Mora long-term. Health and other circumstances imposed new considerations. So, we talked with people at The ACU Foundation about options, and they worked out a way for us to use the remainder value in our home to fund a Charitable Gift Annuity.
We are pleased with the benefits of this plan. Our objectives regarding retirement income, living conditions and hopes for helping students are coming together in a wonderful way. I would encourage anyone with a charitable interest to work with the Office of Gift Planning. I think they will be surprised at what can be done to take care of themselves, their family and still do great things for the students of ACU.