A Lifetime of CARE

Mary Fran and Peter Libassi

Mary Fran and Peter Libassi in Ireland

"I heard so much about the problems that people were having as a result of the war," explains Mary Fran Libassi about her relationship with CARE, which dates back to 1947. As a teenager, Mary Fran took her earnings from a part-time job in her local library and began sending CARE Packages overseas.

But for Mary Fran, just mailing packages wasn't enough.

In 1951, as part of a church group working in France, she traveled to Berlin, then just recovering from the war, to meet Horst Schroder, the recipient of her CARE packages. "It was a powerful experience," she recalls, one that was reciprocated when Horst came to stay with her just after she was married.

Mary Fran's husband of 62 years, Peter, credits his wife with inspiring him to join the CARE family as well. "Mary Fran has told me so many stories," he says, "and over the years, they've become my stories too."

The newest chapter of their story is a generous Charitable Gift Annuity (CGA) that the Libassis gave to CARE in 2003. "It will provide some income for us, but it will be a significant gift to CARE. The CGA is like a gift you make in the present, but it's a pledge that when you pass on, CARE will have it for its future," says Peter.

Both in their late 80s, the Libassis appreciate how CARE has, as they put it, "reinvented itself" over the decades since they sent their first CARE Package overseas. "I look forward to seeing what they're doing," Peter says. "We're always pleased and excited about everything we read — and everything that CARE is accomplishing to create change in the world. No matter what your interest is, there's always a CARE project that someone is working on."

Adds Mary Fran, "My husband and I are very interested in strengthening the role of women in society and recognize the profound way in which they can and are making a contribution. The fact that CARE provides opportunities to women in the world will always resonate with me. I want them to have some of the opportunities that I've had in my life."

Now, through their generous annual gifts to CARE — and their Charitable Gift Annuity — the Libassis are leaving a legacy of hope to people who are struggling. "You read the paper every day and realize that the world cries out for the help CARE provides," says Peter. "In a way, we're fortunate to have CARE present us with challenges that we can address. We have such amazing wealth here in America and it's a privilege to help others."

"We fundamentally believe in what CARE is doing. Since the beginning, they have been a wonderful organization — doing just the kind of work that we want to support. The ability to provide them with a sizeable gift is wonderful."

Care's Programs by Activity

How Care's Expenses are Allocated

A charitable bequest is one or two sentences in your will or living trust that leave to CARE a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to CARE, a nonprofit corporation currently located at 151 Ellis Street, NE, Atlanta, GA 30303-2440, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to CARE or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to CARE as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to CARE as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and CARE where you agree to make a gift to CARE and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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