Nearly four decades after his death, Detroit businessman Dick E. Morand is giving to the causes close to his heart. Leave A Legacy, Southeast Michigan, a program of the Planned Giving Roundtable of Southeast Michigan, recently announced a $13 million planned philanthropic gift from Morand that is benefiting five Metro Detroit nonprofits. Morand died in Detroit in 1977 at the age of 87. He was founder and owner of D.E. Machinery Company and was vice president of Addy-Morand Machinery Company. His wife, Helen, died in 1976 and the couple had no children.
After the 2013 deaths of the two remaining beneficiaries to Morand's special trust, five organizations discovered that they would benefit from his gift, with each charity to receive $2.7 million.
The Detroit News, in its recent article titled “Philanthropist gives $13M decades after death,” reported that the United Way For Southeast Michigan decided to place the gift in its endowment. Officials at the United Way said this would ensure that Morand's gift would have a positive effect on the community for many years to come. Morand created a charitable remainder annuity trust to provide the money to the organizations.
Forty years on, and Mr. Morand’s charitable remainder annuity trust is still helping others. Is that something you might be interested in for your estate?
Give me a call (305-443-3104) to discuss the whether a Charitable Remainder Annuity Trust is right for you; it may help you lower your tax liability, give income to life to your beneficiaries and provide a gift to your favorite charities. These complex issues are best broached with an experienced Florida Bar Board Certified Estate Planning Attorney, such as myself.
Did I mention that I am also a Florida Certified Public Accountant (CPA) and a Florida Bar Board Certified Elder Law Attorney? Of course, if you would like more information about General Estate Planning in South Florida, I have a very informative website you are welcome to visit for more information.
Reference: The Detroit News (March 20, 2015) “Philanthropist gives $13M decades after death”