1. Planned Giving
  2. Meet Our Donors
  3. Roy and Nancy McCormick

Helping Neighbors: Dr. Rev. Roy and Nancy McCormick

As Christians, Dr. Rev. Roy and Nancy McCormick feel called to take care of others.

They’ve dedicated their lives to just that, as Roy served as a minister with the Presbyterian Church and Nancy worked as a marriage and family therapist.

After joining the Westminster Towers community in 2005, the McCormicks continued their dedication to others, serving on the Resident Council at Westminster Towers, co-chairing the Employee Christmas Fund and contributing to the Benevolent Assistance Fund at Westminster Communities Foundation.

“Our gift means that we are doing our part to take care of our neighbors here at the Towers who outlive their resources,” Roy says. “That is what Jesus calls us to do.”

Believing in WCF’s mission, the McCormicks sought to make a long-lasting impact on the community by establishing a gift that pays, known as a charitable gift annuity, in 2008.

“We had the extra money from the sale of our home. We knew that a charitable gift annuity would provide us with income for life, so we opened an annuity with the Foundation, and we sure are glad that we did,” Roy says. “It’s good for the residents, and it’s good for the Towers.”

A charitable gift annuity is a contract between the donor and the Foundation. The donor agrees to make a gift to WCF and, in return, WCF pays the donor a fixed amount each year for life.

“Roy and Nancy are a blessing to Westminster Towers, and we are thrilled to have them as members of our community,” Christina Patterson, Development Director at Westminster Towers, says of the McCormicks. The feeling is mutual.

“The Foundation does a lot of great things for us,” Roy says. “It doesn’t get better than that.”

Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Westminster Communities of Florida a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to Westminster Communites of Florida [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to WRCF or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to WRCF as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to WRCF as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and WRCF where you agree to make a gift to WRCF and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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