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Pat and C.K. Chow - To understand Pat Chow’s priorities, one only need glance at her calendar. Every page of her hanging calendar is covered with detailed notes about where she needs to be to help others. Aside from church activities and neighborhood obligations, she spends every Monday volunteering at a local senior center, playing mahjongg and making friends. She chats with people of all nationalities and ages, and takes pride in finding medical help for people who can’t speak English well.
Lately, however, her husband C.K. is among the people who rely on her help, after his health took a turn for the worse. Pat found her growing responsibilities a bit daunting, so she was relieved when a friend referred her to the Asian Pacific Fund.
By setting up a charitable remainder trust through the Asian Pacific Fund, Pat freed herself from the responsibility of managing a rental property she and C.K. owned, and was also able to increase their income. Proceeds from the sale of their rental property provide income for Pat and C.K. during their lifetime. The money they receive from the trust is double what their tenants paid in rent. These additional funds were especially important to Pat and C.K. because they, like so many other retired couples, live on a fixed income.
In addition to financial security, Pat and C.K. enjoyed a substantial tax benefit by setting up a charitable trust. They were able to avoid capital gains taxes and also received a deduction in the year they made their gift, and Pat and C.K. directed the use of the funds after they are gone to aid less fortunate Asian Americans and their church.
Pat says she trusted the Fund to help her through the process and that this has given her peace of mind. She’s particularly pleased with the result because things are easier for her and C.K. financially even as she continues giving back to her community. “You think I helped you, but you helped me,” Pat told the Fund. “Now I don’t have to worry; [the trust gives me] income to take care of myself and my husband. And I thank God for that.”
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