Giving Back to Their Community
Before they retired, Frank and Vita Pranschke did some long-term planning to accumulate funds to benefit their favorite charities. "It was Vita's idea - she was the organizer," noted Frank. The first step of the plan was to purchase U.S. Savings Bonds.
The next step, as the bonds matured, was to find a suitable gift vehicle that would keep their income up and their taxes down. Although Vita died in 1997, Frank kept to their plan, purchasing charitable gift annuities to meet both personal and philanthropic goals.
"We had a pretty good idea of what our income would be," Frank said. "The money wouldn't do me any good. This way, it is helping others."
Frank Pranschke has lived in the Resurrection Medical Center community all his life. Both he and Vita attended Resurrection Grade School, and she went to Resurrection High School.
Frank's family belonged to Saint Thecla Catholic Church on Devon, where his mother was very active. He recalls riding along with her selling bricks to their neighbors to raise money to build Resurrection Hospital. The family grew close to the Sisters of the Resurrection; Frank especially remembers Sister Leonard and Sister Celeste. Now, 60 years later, all of Frank's physicians practice at Resurrection Medical Center.
Frank voiced a frequent concern when he visited the Resurrection Development Foundation office to make his most recent gift - his third charitable gift annuity. "My pension covers my living expenses, but I count on the interest from my savings for spending money."
Charitable gift annuities are a great solution for Frank. They allow him to make a gift now and still receive a guaranteed income for life, which is considerably more than he was earning at his bank. As an added bonus, he gains a substantial tax deduction.
Note: Mr. Pranschke passed away on September 8, 2010, after a long illness.
A charitable gift annuity is a fast and simple way to make a gift today and still enjoy a lifetime income. For more information, contact Moira McGinley, Presence Health Foundation Office of Gift Planning Services, at 312-308-3244.