Wise Choices for Today and Tomorrow
Murray and Valerie Wise
Murray and Valerie Wise of Naples, Fla., are Mayo Clinic patients and benefactors who have named Mayo in their will. They have developed a plan that funds their philanthropic priorities today and will continue to do so long after the Wises pass on. It also takes care of their children and grandchildren. And it has exciting tax implications.
"The most gratifying part of the experience was a conversation between my accountant and attorney," Murray says. "The attorney asked about the taxes after I pass on. My accountant said, 'There is no tax owed under this plan.'" The Wises arrived at a plan where gift planning and tax reductions go hand in hand. Other financial planning tools provide similar benefits, and the Wises encourage people to make decisions about their estates sooner rather than later.
In addition to naming Mayo Clinic in their will, the Wises fund a Mayo Clinic scholarship allows them to see the results of their generosity while they are "alive and kicking," they say. An example are the letters of gratitude they received from the Mayo students supported by their gift.
"When you receive a letter like that, it makes you understand that even a modest amount of money can be life-changing," Murray says. "Many people make Mayo Clinic what it is," Valerie says.
"When you look at everything Mayo Clinic does in patient care, research and education, you come to a realization," Murray says. "Outside support is necessary to sustain Mayo and to make its future as bright as its past."
The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Mayo Clinic policies may impact gift acceptance, gift structure, and options available. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.