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A Gift That Keeps on Giving: Walter and D’Anne McCoy

Dr. Walter and Mrs. D’Anne McCoyWhen D'Anne McCoy talks about her beloved late husband, Dr. Walter Clayton McCoy, you can feel the passion he had for practicing medicine and caring for patients.

"He was a wonderful doctor who loved what he did," says Mrs. McCoy, adding that his "wonderful sense of humor" was a hallmark of his bedside manner, and that he not only remembered his patients fondly, but continued to call them on their birthdays for many years after he retired.

A Birmingham native, Dr. McCoy practiced internal medicine for more than 40 years and served on the teaching staff at UAB for many years. After what Mrs. McCoy describes as his "partial retirement" at age 90, he continued to work two days a week as medical director of a Birmingham plasma clinic, and also made regular visits to fellow members of St. Luke's Episcopal Church who were living in nursing homes. He passed away in 2013 at the age of 99.

With six children between them, traveling to visit family were a big part of their life together, Mrs. McCoy says, as was supporting the community through philanthropic giving. One way they chose to support UAB was through Charitable Gift Annuities, which ensured an income stream to Mrs. McCoy for the remainder of her life. The remainder of those annuities will benefit the multiple areas that Dr. and Mrs. McCoy held dear - UAB's Center for Palliative and Supportive Care, the Reynolds-Finley Library, and student scholarships in sociology and social work.

"I have recommended gift annuities to a number of my friends and told them what a wonderful thing it is to do," Mrs. McCoy says, noting that the gift annuities provide for both her own financial stability and for UAB's future. She has also established joint gift annuities with her daughter, Anne Hayden Maura, a UAB alumna.

For information on how a Charitable Gift Annuity can provide income to you or a loved one now and ultimately support the UAB program that means the most to you, contact the UAB Office of Planned Giving today at 205-996-7533 or plannedgiving@uab.edu.

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A charitable bequest is one or two sentences in your will or living trust that leave to the University of Alabama at Birmingham a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to the University of Alabama at Birmingham [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to UAB or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to UAB as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to UAB as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and UAB where you agree to make a gift to UAB and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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