Sallie Tod Dutton has seen Akron Children’s Hospital keep its promise to care for every child as they would their own. The great regard she has for that care is as important as the lessons in charitable giving that she learned from her parents, Fred and Nancy Tod.
For more than a century, the Tod family has actively supported healthcare efforts in its community. Fred and Nancy continued this legacy by establishing a charitable remainder trust. Working with their legal and financial advisors, they provided a lifetime of income for their children, saved taxes and supported their favorite charities.
“My parents used it as a teaching moment in philanthropy,” said Sallie.
Sallie and her husband, Paul Dutton, appreciate Fred and Nancy’s thoughtfulness. Paul notes that while the charitable remainder trust gives Sallie and her siblings a steady stream of annual income, it also gives them an opportunity to make their own decisions on supporting specific charities like Akron Children’s.
“Fred and Nancy transferred appreciated assets into a binding trust,” explained Paul, an attorney with Harrington, Hoppe & Mitchell, Ltd. “This removed the assets from their estate and gave them an immediate charitable tax deduction. They set up the trust to provide income for their children during their lifetimes, with the ‘remainder’ to be distributed to charity.”
“As a trustee, you can adjust the gift designations to changing circumstances,” added Sallie.
That’s exactly what happened when Tod Children’s Hospital – a beneficiary of her parents’ charitable remainder trust – closed in 2007.
Sallie met with Akron Children’s Hospital President and CEO Bill Considine and discovered that the very first planned gift ever made to Akron Children’s came from her ancestor, Colonel George Tod Perkins. Sallie was convinced her family legacy should live on by supporting Akron Children’s Hospital in the Mahoning Valley. She made the necessary beneficiary changes in the charitable remainder trust her parents had established.
“I believe Akron Children’s Hospital is a worthy successor to the Tod family legacy,” said Sallie.
Paul echoed the sentiment. “Akron Children’s doctors, nurses, volunteers and other team members really make a positive impact for kids and their families.”