Winter 2007

Herb and Shirley Bridge

Pre-eminent philanthropist, civic leader, and businessman, Herb Bridge’s career earned him the accolade of “First Citizen” in 2001 and the nickname “Mr. Downtown” for his efforts to preserve Seattle’s downtown district. As the Seattle Lighthouse for the Blind Foundation’s newest board member, Herb brings a wealth of philanthropic experience to the Lighthouse.

Herb and his wife, Shirley, have devoted themselves to giving back to their community through the years. Herb helped revitalize the downtown corridor with the founding of the Seattle Central Association. He devoted his energies to such organizations as the United Way, Seattle Housing Resources Group, and the American Jewish Community.  Shirley has devoted herself to a number of issues, serving diverse organizations such as AIDS Housing of Washington, the League of Women Voters, and the Lighthouse for the Blind.

“Shirley had been involved with the Lighthouse years ago,” says Herb.  “I’m impressed with the constructive work that’s being done and the leadership, who seem very sincere and dedicated.”

Herb and Shirley’s dedication to social justice includes a commitment to creating equal opportunities for people with disabilities. To this end, they have designated a charitable gift annuity to the Seattle Lighthouse for the Blind Foundation in support of opportunities for people with visual disabilities.

A gift annuity is a special irrevocable contract where a donor transfers cash or other property to a charity and then the charity pays the donor a regular fixed sum for the remainder of their life.  The donor receives regular income which is in part tax-deductible while the charity is designated to inherit the remaining funds from the charitable gift.

“None of us know how long we are going to live, so you like to hedge your bets,” says Herb. “This gives you a wonderful hedge. At the same time, it lets a worthwhile charity know that they will benefit. It gives a sense that a charity will be around for a long time.”

Above all, Herb and Shirley’s donation was motivated by a firm dedication to justice and community. “We’ve always felt this was the right way to go, to take care of everyone among us and to do something compassionate and rewarding,” Herb concludes.

Benefits of Charitable Gift Annuities

Charitable Gift Annuities provide fixed income for life. Gift annuities are ideal for providing supplemental retirement income for life. They are unaffected by interest rates or fluctuating stock prices.

Charitable Gift Annuities have no contribution limit. Unlike qualified retirement plans, gift annuities have no contribution limit and the donor receives income and capital gains tax benefits.

Charitable Gift Annuities can be paid to one or two donors. Annuities ensure continuous income payments to a surviving spouse without probate hearings.

Charitable Gift Annuities are tax-advantaged. The donor receives an income tax deduction. The donor may deduct up to 50 percent of adjusted gross income for cash gifts, and up to 30 percent of adjusted gross income for gifts of other assets, in the first year; the excess may be carried forward for up to five additional years.

Lighthouse Charitable Gift Annuities are paid in quarterly installments. The donor(s) will receive a fixed payment each quarter for life.

Annual payments are tax-advantaged.  The annual payments are taxed favorably and a portion of payments from cash gifts will be tax-free for a term of years. If a gift is made using appreciated property such as securities or real estate, the donor avoids tax on a portion of the capital gain.

If you are interested in learning more about Charitable Gift Annuities to the Seattle Lighthouse for the Blind Foundation, please call Kirk Adams at (206) 436-2110 or email kadams@seattlelh.org.

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