Although the two didn’t know each other at the time, they did know that UF had a good medical school, and that it was the most desirable and affordable option available.
Late last year, after more than 35 years in medicine, the two scaled back their work schedules and made a smart investment that benefits not just their future but also the future of UF medical students.
Working with a planned giving officer at the UF Foundation, the Williamses transferred appreciated stock to UF to establish a charitable remainder unitrust, or CRUT. The UF Foundation invests the assets, and 6 percent of its value is distributed each year, with 5 percent providing income to the Williamses for the next 20 years, and 1 percent funding a scholarship for a deserving medical student beginning this fall.
At the end of the 20-year term, the remainder of the asset will go to the UF College of Medicine in support of scholarship.
“The CRUT allowed us to give a sizable gift to the University of Florida while we were alive and still receive an income source,” said Dennis, who has practiced cardiology in Tallahassee since 1981. “It’s a competitive rate with tax savings plus a safe and good return on our money, and at the same time it funds a scholarship.
“Medical students today face a great deal of economic stress that we didn’t have,” he continued. “We want to provide some financial relief to a deserving and high-achieving student.”