A Legacy of Faith and Giving: Jim and Joan Downey’s Charitable Remainder Trust
For Jim and Joan Downey, supporting Catholic Charities through their Charitable Remainder Trust (CRT) was driven by both their commitment to helping children and families in need and their desire to use their appreciated stock in a meaningful way to give back to their community.
A Tradition of Giving
Longtime donors to Catholic Charities and members of the Caritas Society, the Downeys come from a legacy of faith-driven generosity. They have instilled these values in their four adult children, carrying forward a tradition that spans generations. Joan recalls the example set by her mother, a single parent who always found ways to give through her “time, talent, and treasure.” Jim shares a similar sentiment, crediting his father for teaching him the importance of leading by example. “It was ingrained in me to give back what you can—it doesn’t have to be a huge amount, just do your best,” he says.
Using a CRT to Give Back
When the Downeys recently sought professional financial advice, they decided to establish a Charitable Remainder Trust (CRT) funded with appreciated shares of stock. Their tax advisor, Steve Pirotta of Pirotta Financial Services and a CCSCC Emeritus Board Member, encouraged them to deepen their support—recommending Catholic Charities as the best way to invest in the community: well-managed, mission-driven, making a real impact, and the perfect beneficiary for their trust.
Expanding Their Impact
Although they were already familiar with Catholic Charities, the couple was amazed by the breadth of services the organization provides. “Even though we knew Catholic Charities and supported their work, we were surprised at how many areas of service they were involved in,” they shared. Jim’s work as a Deputy with Gifts That Pay You Income – Charitable Remainder Trusts the Santa Clara County Sheriff’s Department gave him a firsthand understanding of the needs that exist for struggling families in our community. Joan pointed out that many residents of Silicon Valley, where there is an abundance of wealth, don’t see the needs of families struggling to overcome poverty. “We live in a ‘bubble,’ often unaware of the immense need for food, housing, healthcare, and jobs,” she says, urging others to “step up” and support their neighbors in need.
A Simple and Ongoing Commitment
Setting up the CRT was a smooth process, and the Downeys appreciate the flexibility it offers. “The process was easy, and we can add to it going forward to keep giving,” they note. Their story is a testament to the power of planned giving and the impact of faith-driven generosity. By leveraging a Charitable Remainder Trust, Jim and Joan have ensured that their support for Catholic Charities will continue to uplift lives for years to come.
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Gifts That Pay You Income - Charitable Remainder Trusts
What if your appreciated assets—like stock, real estate, or a business—could provide lifetime income while supporting Catholic Charities? With a Charitable Remainder Trust (CRT), you can do just that. This powerful giving tool allows you to bypass capital gains tax, receive a charitable deduction, and generate steady income for yourself or a loved one. Just like the Downeys, you can plan a gift that strengthens your future and strengthens Catholic Charities’ ability to serve the community tomorrow.
For questions about tax-wise giving, contact:
Cecilia Bynum, Senior Director of Planned Giving
(408) 325-5248 or cbynum@ccscc.org
Click here to learn more
This is not intended as tax or legal advice. Please consult a qualified professional advisor.
