A smile crossed Bob's face as he stepped onto the sand. A fold-up chair was under one arm, along with his newspaper. He carried an umbrella and a beach towel on the other side. The brim of his hat just cleared the top of his sunglasses. His shirt blocked the sun's rays. He saw Shirley up ahead sitting with Marjorie. It took him longer to get there then it might have years ago. He appreciated days like these more than ever.

"Good morning ladies," Bob said, standing at a full stop.

"It's good to see you, and that umbrella!" Marjorie said.

"Don't forget to put on your sunscreen, Hon," Shirley said. "Marjorie was just telling me about something she and Alf did."

"Fishing or golfing," Bob asked, as he unfolded his chair and an easy smile.

"Philanthropy Bob," Marjorie explained, "the good Doctor and I are establishing an endowment for our favorite charity."

Marjorie said that the gift planner at their favorite charity had explained how to use appreciated securities to create an endowment. The dollars would be invested and each year it would pay out income to support the cause.

Bob continued to smile as Marjorie spoke. Bob and Shirley exchanged a glance as Marjorie kept speaking about how helpful it would be for the charity to know a gift would be there year after year. Marjorie was so proud their name would go on forever, connected to a good cause. Bob knew Shirley would love to do the same thing and so would he. But when they considered their options they could not see fit to do so. Their resources were not like those of their friends.

"That's wonderful Marjorie. Congratulations on your accomplishment!" Bob said.

A few weeks later Bob was back in town and he accepted a lunch invitation from his gift planner. Bob played down expectations on the phone that the meeting would lead to any significant result.

They spoke over Italian food in a good place that was quiet enough that Bob would not have trouble hearing. Bob told the gift planner he would like to create a legacy but he didn't know how he would do so. The gift planner recalled how Bob had mentioned that he had held his vacation home so long its assessed value was about ten times its purchase price! Maybe, the vacation home could be the key?

They talked about a life estate reserved. Bob explained that he and Shirley intended to use the vacation home for many years but that they anticipate the majority of the value of that home eventually passing to their two sons. They talked about a variety of ideas. A testamentary charitable unitrust was a possibility or a deferred charitable gift annuity to benefit the sons. Bob liked the idea of the sons getting dollars in annual payments rather than in a lump sum. The gift planner put down his tea and offered a suggestion that caught Bob's attention. Perhaps Bob and Shirley could put in their estate plan their intention that the vacation home be sold after the second of the two passes on. The proceeds would first fund an endowment with the balance placed into a simple non-charitable trust for the two sons with an annual distribution to each.

Bob smiled a true smile that reached his eyes. Bob knew he would have to work with his attorney and accountant to make the plans. He was so proud that he could tell Shirley that with a bequest they could be philanthropists too! "Next time Shirley will join us," Bob said as he thanked the gift planner for his help.