Amanda Mackay Smith ’58
Amanda Mackay Smith '58 owned property bought years ago at $4 an acre, now worth $4,000 an acre. She contributed this land to a charitable remainder trust, allowing her to avoid a heavy capital gains tax and to take an income tax deduction.
The managers of the trust sold the property and invested the proceeds in the trust. The trust will provide Amanda with a steady income for the rest of her life and at her death will make possible significant gifts to Chatham Hall and her church.
Amanda says, "This trust is a blessing. If I had sold the property outright I would have lost half of the proceeds to the government. Now I have a steady income until I die and am helping two institutions I care about."