Deferred Education Gift Annuities

A donor testimonial at a Shippensburg University Foundation-sponsored Estate Planning Seminar inspired Robert K. and Rachel A. Burk of Mechanicsburg to help their two young grandchildren with future higher education. The Burks, along with their son, Kenneth Robert Burk '97; daughter-in-law, Kelly Curran Burk '98; and daughter, Ann Rachel Burk '97; established two deferred Education Term Annuities that will be used by Ken's son and daughter when they turn eighteen. The deferred annuities were in addition to a 529 account for the two grandchildren. As Bob Burk put it, "We figured that if our grandchildren don't need or want the deferred annuities for their postsecondary educational purposes, they can elect to receive income for life from the annuity." Giving back in this way provided the donors with income-tax deduction credits. Additionally, when the grandchildren are finished using the annuity payouts, the balance of the Burk family gift will begin a scholarship fund for, most likely, Shippensburg University swimmers and maybe for those who wish to become teachers. Ken and his wife met while members of the SU swimming team and were coached by Dr. Donald Miller, who made a positive impression on both of them. Ken and his sister, Ann, happened to finish their teaching degrees at the same time. Today, three Burks are teachers, and Ken also coaches. As proud SU parents, Bob and Rachel earmarked their fiftieth wedding anniversary as the time for this family legacy gift.