Giving: A Family
Matter for Gail and Don Greene
A Charitable Remainder Trust helps them achieve
charitable goals through the DCF
(updated from an article that appeared in the Summer 2000 DCF
Newsletter)
Family and giving. These two themes are dominant -
and intertwined - in the lives of Gail and Don Greene, two of the
DCF’s newest partners in philanthropy. The Greenes recently
established a donor-advised fund - the Donald L. & Abigail D. Greene
Fund - and a Charitable Remainder Trust (CRT), which will ultimately
benefit the donor-advised fund. “We’re part of the team now,” said
Don.
Giving has been a way of life for the Greenes, who
are in their sixties. They have had more time for community
involvement since Don retired from Shared Medical Systems several
years ago. Giving is “fun,” said Gail. “We both enjoy being able to
give. We wish we could do more – there are so many good things to
support.”
Gail grew up in a family that was not wealthy, but
her parents provided a joyful household. She traces her philosophy
of giving to her father, who told his children, “Don’t ever think
about repaying us, just pass it on.” Gail and her husband have taken
that advice – and have told their children, “This is what we care
about and we hope you’ll care about it, too.”
Don said he’s always felt an obligation to give
back. He views giving from a religious perspective, with a belief in
the concept of tithing. Don has been inspired by a passage in the
bible that says, “Everyone should give as they are able, according
to how the Lord has blessed them.”
In May 2000, the Greenes were faced with substantial
capital gains resulting from a tender offer on some highly
appreciated stock. They had only one month to learn about “creative
options” and find a place for the money. They were familiar with the
Philadelphia Foundation, where Don’s brother had established a fund
in memory of his daughter, and they had recently read a Delaware
Community Foundation newsletter article about charitable gift
annuities. So they met with Collis Townsend and Mary Hopkins at the
DCF and learned about two options, donor-advised funds and
charitable remainder trusts.
The Greenes then consulted their estate planning
attorney, Joanna Reiver of Schlusser and Reiver, who suggested they
establish both types of funds and link them. “I was delighted that
Don and Gail called me at a critical point, when we could engage in
good creative planning,” said Joanna. “I was familiar with their
charitable goals, and it was logical to combine those goals with a
tax-saving plan. The result saved substantial taxes, which increases
the benefit to the Greenes and the charities they care about.”
Next, the Greenes turned to Nancy Blumberg, CPA and
financial planner with Simon, Master and Sidlow. She was able to put
some numbers with the plan, and subsequently, Gail and Don completed
the fund agreements with the DCF.
The CRT will pay the Greenes income for the rest of
their lives. The funds that remain in the trust at their deaths will
be added to their donor-advised fund, which will have the Greenes’
three children, followed by their two grandchildren as successive
generations of advisors. Ultimately, the fund will be divided among
some of the causes that have been important to the Greenes. A part
will provide unrestricted endowment to help the DCF meet the future
needs of Delaware.
The Greenes’ children are enthusiastic about
becoming “decision makers” for the donor-advised fund. This is not
surprising, since Gail and Don have always educated their family
about charitable giving. Concord Presbyterian Church and Friendship
House are two places that hold special meaning to the Greenes, and
they’re also important to other family members. Don and Gail have
taken their grandsons to help serve dinner and eat with the homeless
men at Andrew’s Place (a ministry of Friendship House). “It’s good
to see 13 year-old Alex and other kids his age interacting with the
men. They’re not just behind the scenes, but getting to know the
people they’re serving,” said Gail.
The three Greene children have developed strong ties
to their own communities and become involved in causes important to
them. John and his son Max, 17, who live in Newark, work with the
tutoring program at the Salvation Army. Meg and her husband have
been volunteer fire fighters and are advocates for land preservation
in their Pennsylvania town. And Kate, a New York City resident,
travels to Florida and Hawaii to take part in research for the
protection of dolphins.
In addition to working in support of the community,
Gail and Don enjoy traveling and spending time on their sailboat.
Gail likes plants and birds, while Don’s hobbies are genealogy and
building models of ships. The Greenes have had a rich life together,
while sharing their time, energy and resources to help improve the
lives of others. The Delaware Community Foundation is proud to
welcome Gail and Don Greene to our growing family.
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