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Charitable Gift Annuities: Leaving Family, Charity in Good Hands

Longtime Rush Trustee and Woman’s Board member Virginia Karnes knew she wanted to continue supporting Rush long after she passed away — but she wanted to make sure her family was also well taken care of. Thanks to careful investing, creative estate planning and a charitable gift annuity, she was able to do both.

Shortly after Karnes passed in 2006, her nearly $3 million gift to Rush helped establish the Virginia K. Karnes and William G. Karnes Scholarship Fund for Rush University College of Nursing. But she also specified that a portion of the money should be used to establish a gift annuity to provide an annual income to her surviving nephew for the rest of his life.

Years later when her nephew passed away, Rush absorbed the remaining gift principal, which amplified Karnes’ existing endowed scholarship fund. Now the additional funds provide support to even more nursing students in Rush’s Generalist Entry Master’s program.

“I have a family with two young children and would not be able to complete my education without this financial assistance,” shared scholarship recipient Simone Bonde. “Because of the generosity of the Karnes family, I get to make a positive difference in so many lives, and I get to show my children by example that they can achieve great things.”

Read more about charitable gift annuities at Rush.

Please contact Susan Sasvari, senior director of gift planning, at (312) 942-3691 or for more information.