Passing down a love of the Games
|For the Gibson family, the Olympics represent a bonding activity, a teaching tool and values they’re dedicated to supporting.|
When DeWitt and Dara Gibson married in 2001, they both loved the Olympics — so much so they planned their honeymoon to Australia while watching the Sydney Games. They’ve also passed down their love of Team USA to their three children, ages 11, 9 and 6. The Scottsdale, Arizona, family always watches the opening ceremony together and prepares a meal inspired by the host country.
“We teach the kids about the host country and show them where it’s at on the map,” DeWitt says. “We use the Olympics as kind of a global learning tool.”
We are all Team USA
Dara believes Americans need to support the U.S. Olympic and Paralympic Foundation because, unlike most countries, Team USA is supported through private donations. The Gibsons have donated to the USOPF for several years and, about 18 months ago, named the U.S. Olympic and Paralympic Foundation in their family trust.
The Olympics represent the type of world DeWitt and Dara want their children to live in and the traits they want them to develop. Creating a legacy with the USOPF is one way to ensure that Team USA will remain a positive role model.
“Basically, the United States has been in kind of a place of war since our kids were born. The camaraderie, the sense of unity in the Olympic Movement — that’s what we want our kids to see, plus the whole Olympic focus on health and goal setting and fitness and positive role models,” DeWitt says.
“We value the Olympics as a whole,” Dara says. “We had the financial stability to be able to give back to the community of the Olympics. We felt that was an option that was true to our hearts.”
If you would like to make a donation to the U.S. Olympic and Paralympic Foundation and are interested in supplementing your income, consider a charitable gift annuity.
Q&A: Consider a charitable gift annuity as a way to give back today
Q. How does a charitable gift annuity work?
A. You give cash or securities to the USOPF in exchange for a contract that obligates us to pay a fixed amount for life to you alone or to you and another person you select. There is a minimum gift amount of $25,000, and what’s left of your gift after the lifetimes of the people receiving payments helps support Team USA.
Q. How are the payment amounts determined?
A. The annual rate of your payment is based on your age at the time of the gift. The older you are, the higher your gift annuity rate. Payment rates are locked in for the duration of the gift annuity.
Q. What are my tax benefits for making this type of donation?
A. You qualify for a sizable charitable income tax deduction (when you itemize) in the year you set up the gift annuity. In addition, each year a portion of your payment is income tax–free, until you reach your anticipated life expectancy. Plus, part of your payments may be taxed at a lower capital gains tax rate.
For additional information about planned giving opportunities through the U.S. Olympic and Paralympic Foundation, contact Jeffrey Mielke at (719) 866-4581 or at firstname.lastname@example.org.