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Immediate Income, Enduring Gift

Captain J. William FlightBack in 1965 I bought a very nice four-bedroom house with all the perks of the day in Coronado, California. When I sold it in 2000 for a considerable profit, I couldn't help but lament how much of that profit would be lost to taxes.

My lawyer had a better idea. He recommended I put the proceeds in an independently managed charitable remainder unitrust—which allowed me to invest without losing part of my investment to capital-gain tax, plus I received an immediate charitable tax deduction. During my lifetime I enjoy quarterly payments based on the trust's overall value. After I pass away the remainder will be divided equally between the Naval Academy Foundation (I earned my degree from the Naval Academy in 1956) and the Tri-Delta Sorority Foundation, an organization close to my late wife's heart.

The trust has been a great way to continue to redeem the value of that property over the years, and I heartily recommend that other folks consider this method of securing additional income from their investments while providing for the long-term support of organizations that are important to them—especially the Naval Academy Foundation!

—Captain J. William Flight '56, USN (Ret.)

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