Don and Sally Wild
Charitable Gift Annuity a “Win-Win Situation”

The Wilds have a strong sense of the legacy of Connecticut Children’s Medical Center in caring for children. “We first learned of the good work of your forerunner, Newington Children’s Hospital, because our daughter-in-law was a nurse there.” Mr. Wild also did consulting work as a structural engineer on various construction projects at Newington over the years before his retirement.

As shareholders of Stanley Works stock, the Wilds were faced with having to pay a sizeable capital gains tax on the appreciation of their stock because the company was planning to move its corporate headquarters to the Bahamas in April, 2002.

“Time was of the essence,” Mr. Wild recalled. “If Stanley Works stockholders approved the move the tax liability would be immediate even if we were to do nothing. It appeared that to pay this capital gains tax would necessitate selling the stock.”

Coincidentally, Mr. Wild remembered having recently read a Legacy newsletter article on charitable gift annuities. “That story did a great job of explaining the advantages of a charitable gift annuity so that got us to thinking. Giving that appreciated stock to CCMC for a charitable gift annuity immediately ended our tax liability. It further benefited us considerably by appreciably lower our annual income taxes. At the same time it increased our income dramatically over the previous Stanley dividends. Now, the die seemed to be cast, it was a no-brainer.”

Mr. Wild added, “with our children otherwise provided for upon our death, this was truly a win-win situation. We highly recommend doing this to anyone who has appreciated stock and is reluctant to sell it because of capital gains liability.”

As it turned out, the Stanley Works move “fell through and we could have remained status quo without the tax liability, but who could be sure at the time,” Mr. Wild said. “We thank them for the prod that benefited both ourselves and CCMC so handsomely.”