In recent years, my wife, Chris, and I became interested in the idea of philanthropy while we are alive. In the course of exploring this idea, we stumbled upon what are called Charitable Gift Annuities, which we learned was a relatively new way of giving. We then contacted Feeding Westchester, which Chris had donated to for years, to see if they had such a program and found that they did. Simply put, Charitable Gift Annuities involve the following: you give the charity money, the donor gets a substantial tax deduction, and additional lifetime income.

Feeding Westchester’s responsiveness and mission appealed to us. We learned that food insecurity affects [over] one-third of Westchester households, with 74,000 people in this county receiving SNAP (Supplemental  Nutrition Assistance Program) benefits. We felt strongly that we should support a local organization that addressed the problem of hunger. Many years ago when I delivered Meals on Wheels as a volunteer in Connecticut, I got a glimpse of elderly poverty. I felt that what Feeding Westchester did made a genuine difference in people’s lives. Additionally, my wife and I were impressed with the efficiency of the operation—food gets delivered when and where it is needed.

The actual giving and setting up of the annuity was easy. Feeding Westchester guided us through each step, and whenever questions arose, Feeding Westchester was there to provide answers and guide us.

Knowing that a child gets a decent dinner, or that an elder has greater access to healthy food gives us great satisfaction. And it makes us proud of the people who work to fulfill that mission.

1. Why did you choose Feeding Westchester to carry your legacy?
   1. Chris had been a small amount contributor to Feeding Westchester in the past. When I became interested in creating a Charitable Gift Annuity, Feeding Westchester was one of the choices.
2. What was the easiest part of setting it up?
   1. The easiest part was dealing with Martine. She answered the phone, and guided us through the process.
3. What was the hardest part?
   1. The hardest part was creating a second annuity with appreciated stock. My financial advisors seemed not to understand how the process worked. Martine and the contact from Feeding America were helpful in educating the financial folks and guiding us through the process.
4. How quick was the process?
   1. Setting up a CGA with a cash contribution was easy and quick, however setting up the contribution with appreciated stock required a lot of educating of my financial advisors.
5. What are the benefits you’ve found?
   1. The benefits: a nice lifetime income stream; with appreciated stocks the capital gains tax is spread over a long period. Additionally, the income is partially tax-free. The above items make CGA’s very attractive.
6. What would your advice be for a person considering setting up a CGA?
   1. My advice to anyone considering a CGA would be: Stay local, you would be dealing with people you can actually reach out to. Inform your financial advisors of your wishes; they sometimes do not understand the process of donating stocks.