Elwin Studebaker Jr. is a man of numbers, often adding them up before others can even get them down on paper. Now retired, he served as controller at International Game Technology, among other positions in finance.
When it comes to Shriners Hospitals for Children, however, Studebaker, 84, adds heart to his giving equation, multiplying his impact immeasurably.
Studebaker and his wife, Terry, a retired accountant, are not only champions of the Shriners Hospitals mission, but also of charitable gift annuities (CGAs), or gifts that pay them back with fixed income for life. Altogether, the couple has established nine CGAs to benefit Shriners Hospitals.
Multiplying the impact
“With CGAs, you get a tax benefit now (when you establish them) and a return on your money until you pass away,” said Studebaker. “We’re all living longer, and CGAs benefit us because income continues for your entire life, and the payout percentage is higher the older you are when you establish them.”
In fact, the income they receive from their CGAs totals enough to pay a substantial portion of their retirement community home’s monthly fee. For the couple, it’s a smart match.
A history of connection and support
Studebaker has decades of history with Shriners Hospitals, becoming a Shriner in 1983 and later Potentate (leader) of Kerak Shriners in Reno, Nevada, where he was part of the groundbreaking and dedication of Shriners Hospitals for Children — Northern California. Studebaker recalled a time he noticed his friends’ child limping, so he recommended that they send the boy to Shriners Hospitals. “Turned out, he had a shortened tendon, and Shriners Hospitals was able to fix it,” Studebaker said. “After that, he didn’t walk with a limp. He even went on to become captain of his high school football team!” Most important, Studebaker said, Shriners Hospitals does what no other hospital can do for children. “They’re particularly advanced in burn care, and they treat patients regardless of their families’ ability to pay,” Studebaker explained. “The children and their recovery always come first.”
TO LEARN MORE about how CGAs can be a smart choice for you and a life-changing one for Shriners Hospitals for Children, contact the planned and major giving office at 866-954-1576 or [email protected].
