Page 38 - Catholic Extension Magazine Spring 2020

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Annuity Program

or David and Diane An Arizona couple tries an innovative approach
Kent, establishing char-
itable gift annuities to their financial planning
from Catholic Exten-
sion has two compel- Investing in our mission
F ling components: one is
practical, and one is aspirational.
From a practical perspective, during the ‘70s because they were all the maintenance work himself,
these annuities appeal to their cheap, and he planned to set up but eventually hiring help.
business sense by offering an a business to manage them. The Three years ago, as he reached
immediate tax deduction at the business became Kent Enterprises 90 years old, it was time to decide
time of purchase; a reliable system LLC, registered with the Arizona what to do with the houses. He
of fixed payouts for a lifetime; and Corporation Commission. Diane did not want to leave them for
an annuity payout that is partly happily moved there to pursue her Diane to manage; they were too
tax-free. successful art career. demanding.
Equally important for the Kents Over the years, David managed Diane saw an ad for the Cath-
is an aspirational element that the 13 properties, initially doing olic Extension annuity program
fills their hearts and imaginations
in a whole different way. “With
these annuities, we are support-
ing the Church into the future,”
said Diane. “We can contribute to
Catholic causes that matter to us,
such as helping poor parishes.
We don’t want to be Catholic in
name only, we want to live it.”

Devising a creative plan
David and Diane met well into
their careers while working at
Abbott Laboratories outside of
Chicago. David, an engineer with
an MBA, was considering retiring
but not looking forward to being a
retiree. Diane, 20 years his junior,
had worked as an accountant
and artist. They married in 1983,
and five years later, they moved
to Phoenix where David owned
many rental properties. He pur-
chased several residential homes

David and Diane Kent have
established several annuities
with Catholic Extension to
carry on their legacy in a
meaningful way.