Sumter residents Lynn and Connie Wallace recently chose to invest in the future of dental education in South Carolina by making a gift in the form of a deferred charitable gift annuity to the James B. Edwards College of Dental Medicine building fund.
Dr. Wallace is a 1986 graduate of the College of Dental Medicine and completed a residency in periodontics at MUSC in 1988. His wife Connie completed the dental assisting program at the MUSC College of Health Professions.
The Wallaces said their decision to support the Medical University was motivated primarily by a desire to help their alma mater build the country's newest and finest dental education facility. When the new facility was completed, the entire College of Dental Medicine was re-named in honor of oral surgeon and MUSC President Emeritus Dr. James B. Edwards.
"We wanted to give back to the school that helped us achieve our goals," said Dr. Wallace. "It is important to stay part of your professional school. We want to have an influence on what's going to happen to our profession in the future. By helping our school, we can help young people who are about to enter our profession."
By choosing to make their gift in the form of a deferred charitable gift annuity, the Wallaces also will achieve a number of attractive financial advantages, including guaranteed lifetime income, as well as a generous charitable deduction and income tax and estate tax savings.
The Wallaces chose to defer their annuity payments until later in life. "We didn't need immediate income," explained Dr. Wallace. "By deferring our gift annuity, we'll get the maximum return. It's a win-win situation. We get something down the road for retirement, while the Medical University gets something that will help them in the long-term."
The Wallaces were quick to point out that the financial advantages associated with their gift were of secondary importance.
"We didn't necessarily make our gift for a charitable deduction or to defer taxes," said Dr. Wallace. "The first word in gift annuity is 'gift.' The annuity was secondary to us."
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