• Barney and Patt Brust
 

 

IRA Gift Will Make an Impact for Years to Come

Stephanie Dustman
Wednesday, October 11, 2017

Patt and Barney Brust first connected with Lucile Packard Children’s Hospital Stanford years ago when a close young friend was diagnosed with cancer and the couple journeyed alongside his family through his care. Later, another family friend became a frequent visitor to Packard Children’s since her infancy and continues to receive services only our hospital provides. 
 
A longtime community volunteer, Patt was inspired by the compassion and care she witnessed at our hospital and began volunteering at the San Jose Auxiliary Thrift Box. The Brusts also decided to make an IRA Charitable Rollover gift to the Auxiliaries Endowment. After the age of 70 1/2, IRA holders are required to take yearly minimum distributions. These distributions are considered income and taxed as such. However, since the Brusts’ IRA administrator made a distribution directly to the Endowment, this amount was not taxed as income. For the Brusts, this was the most tax efficient way to give. 

Patt says, “Our gift will be used in perpetuity since the income from the Endowment is annually designated to important programs at the hospital.”
 
Even though their children and grandchildren have moved away, Patt and Barney have remained deeply involved in their San Jose community. Both are Santa Clara University alums and Barney helps prepare meals at Martha’s Kitchen every week. Predating her involvement with the Thrift Box, Patt has also been a community volunteer with local outreach programs ever since her retirement in Catholic elementary school administration.   
 
To learn more about IRA Charitable Rollover gifts, contact us at giftplanning@lpfch.org.

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