Local Resident Benefits Hometown and Lessens Taxable Income
The late Doris Miller was born in the Shenandoah Valley of Virginia and grew up during the Depression. She moved to Stuart with her father and has adopted Stuart as her hometown. She enjoyed the quality of life offered in Stuart, from the peace of mind provided by the volunteer fire fighters, to the enjoyment of visits to the local White Horse Museum, to the quality of care residents receive at the Parkside Manor in Stuart.
While reviewing her Form 1040 with her tax and investment advisor, Scott Kaup, Doris learned that her taxable income would increase unless she took some action.
“Doris had used up all the available charitable deductions from her first gift annuity with the Nebraska Community Foundation. In order for her to minimize her taxes, I recommended to her that she consider making a gift in the following year for another gift annuity,” explained Kaup.
“In my opinion, the charitable gift annuity was the perfect fit to give Doris tax savings, increase her income and satisfy her desire to give something back to the Stuart Community Foundation Fund. When Doris combined the tax savings and the increased income from the gift annuity this resulted in one of the absolute best ways for someone to make a charitable gift, increase their income and save taxes,” shared Kaup.