Passionate believers in the importance of education, Tim ’64 and Madeline Blackwood of San Jose, California, quickly realized all of the positives that come with making a life-income gift to Berkeley — for the university’s students and for themselves. Several years ago, the Blackwoods decided to sell a rental property they owned. “There was a sizable capital gain,” recalls Tim, a retired deputy district attorney. “So we thought it would be nice to give some of that equity away but still have the security of receiving income.”
A philosophy major at Berkeley, Tim decided to set up a charitable unitrust remainder that will eventually benefit Berkeley philosophy students in need of financial support, while currently providing him and Madeline with a steady source of retirement income. “It’s very comfortable for us to do this,” says Tim.
We’re able to get a tax benefit and lifetime income, while doing something nice for Berkeley.Madeline, a retired paralegal, agrees — even though she’s a San Jose State alumna. “I’m very enthusiastic about education,” she says. “Anything to help preserve it, I’m definitely for it.”
An additional benefit for the Blackwoods is that the gift keeps them engaged with Tim’s alma mater. They visit Berkeley two to three times each year, enjoying Wheeler Society events on campus. “It’s almost too good to be true,” says Tim of the gift’s many benefits. “You get the good feeling of making a gift to the place you love, and at the same time you get a valuable tax benefit and quarterly income. It’s a win-win-win situation.”