Karen retired as Senior Vice President and Chief Information Officer of Main Line Health last July. I have been retired from my business activities for a few years, and I retired from my second “career”, teaching, at the end of 2015. During our retirement planning, we knew that we were committed to some substantial give-back to our community. When we engaged Nick Myers and Phil Stern and their Wealth Pilot Financial team as our financial advisors, part of our plan included these goals. Nick and Phil were instrumental in guiding us to determine how we would proceed.
We have long contributed to charities and non-profit institutions, but we felt that it was time make a significant contribution. We learned that we could achieve two ends - significant contributions to benefit our community and maintain a lifestyle sustaining income - through the creation of a “CRUT”, a Charitable Remainder Uni-Trust. We transferred assets to the CRUT and the names the beneficiary institution(s) and the amount or percentage that each is to receive, and we receive a fixed income from the trust during our lifetime. We have identified other assets as sufficient for our heirs, and we have wills and trusts in place to secure those for them. The CRUT is interesting in the way that it permits one to decide who is going to use their assets, themselves or the government through inheritance taxes.
Our charitable trust names Paoli Hospital and Penn State Great Valley as its irrevokable beneficiaries. While we have in the past and will continue to make annual contributions to each institution, our main contributions will occur upon our passing. We are and have been active in each institution—s supporter communities. We are member of Penn State’s Atherton Society, for example, and Main Line Health’s The Paoli Hospital Foundation and H. Phelps Potter Society. We were asked by the Paoli Hospital Foundation to talk to its Board of Advisors about how and why we created the CRUT, and we did that with the help of Wealth Pilot. The Foundation then asked if we'd make a statement for their publication, Paoli Partners, which we did. It was presented as a full page, as below:
Karen and I are honored to have the opportunity to give back to our community and to its important institutions which have been so much a part of our lives. It is us who say “Thank You”.