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James H. Embry Fund
GCF's first donor, Walton County, Georgia native James H. Embry, used this planned giving strategy to create the James H. Embry Family Fund.
As a result of a bank merger, Mr. Embry received publicly-traded shares of stock in the surviving bank, in which he had a very low cost basis. Over the years, the bank stock significantly increased in value, which would have resulted in a large capital gains tax upon any sale.
At the recommendation of his son, Tim, Mr. Embry contacted GCF and had them prepare a projection of a possible planned giving strategy involving the creation of a charitable remainder unitrust.
Mr. Embry learned that any appreciated stock contributed to the trust could be sold tax-free. By receiving annual income distributions from the trust for his life, Mr. Embry could increase the annual income he received each year. He could also receive a charitable income tax deduction for the present value of his contribution.
In addition, by designating that, at the time of his death, the remainder of the assets in the trust be contributed to GCF to fund a donor-advised fund for which his children served as advisors, Mr. Embry was able to leave a philanthropic legacy in which his children could participate. Plus, Mr. Embry was able to use a portion of the increased lifetime income and tax savings to fund the purchase of a life insurance policy to "replace" the assets in the trust that would have passed to his children.