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Planning Your Gift to Packard
Real Estate Gift Provides Lasting Benefits
Debby and Michael Fatjo saw an opportunity to put their hard-earned money
to good use in the community while helping to supplement their retirement
income. Having owned a condominium in Santa Cruz for some years, the Fatjos
were ready to give up the responsibilities of being landlords.
They decided to donate the property to Lucile Packard Children's Hospital
in the form of a life income gift. The benefits were many. The couple
will now receive stable retirement income, avoid up-front capital gains
tax on the property, enjoy a large income tax deduction, and know that
their gift will contribute to the Hospital's work. Both Debby and Michael
were impressed that life income gifts make it possible for families to
leave a lasting legacy and also support themselves during retirement years.
After a distinguished career in sales, Michael retired several years
ago and actively pursues personal interests. Debby will retire next year
from a managing role as a psychotherapist at Kaiser Permanente where she
specializes in crisis services. The couple's Bay Area roots are deep.
Michael's great-great-grandfather emigrated from Barcelona in 1850 and
opened a store in Santa Clara. Michael grew up living in both San Jose
and Palo Alto. He fondly remembers playing on the Stanford campus as a
kid, when The Farm looked much more like a farm than it does today.
The Hospital became dear to their hearts when they were given a tour
of the neonatal intensive care unit and the Forever Young Zone recreation
room, and met with staff in child psychiatry. The idea of supporting the
community's children, many of whom the Hospital treats without reimbursement,
appealed strongly to both. And as Michael said of their life income gift's
annual payment, "Where else am I going to find a rate of return like
this?"
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