Charitable Remainder Trusts: Walkin' the Walk
Upon receiving an inheritance from his father, Reverend Tom O. Crosby, Jr. said, "I preached stewardship all my life, talking the talk. So when I was given this from my father, I had to walk the walk."
Tom and his wife Wilma, moved to Baton Rouge in 1991 when Tom retired. They were able to choose a church for the first time in their married lives. They joined Broadmoor United Methodist Church and are active in their Sunday School class.
Tom's calling to ministry came slowly but surely. He joined a prayer and Bible study group when serving in World War II. His spirituality grew when he was faced with his own mortality, which he jokingly calls "foxhole religion." He graduated in 1949 from Asbury Theological Seminary in Wilmore, Kentucky and began his career as a pastor in the Louisiana Annual Conference of the United Methodist Church.
The Crosbys inherited stocks from Tom's father. They contacted Reverend Jimmie Caraway, former president of the United Methodist Foundation and Treasurer of the Louisiana Annual Conference for financial advice. Jimmie referred Tom and Wilma to the Foundation, where they were advised to set up a charitable remainder unitrust or CRUT.
Working with the Foundation was very easy. They received an income tax deduction in the year they established their CRUT and began receiving regular distributions of income. After their lifetimes, income will be divided among their three children for ten years. The CRUT will eventually benefit two organizations very close to the Crosbys' hearts: Broadmoor United Methodist Church and Asbury Theological Seminary.
Tom said, "I have always loved the mission of the church and want to keep it going. As for Asbury, I see the financial need of students when I attend our reunions and I want to help the students going into ministry."
"Walkin' the walk" provides income to the Crosbys now, their children later and ultimately will leave a legacy for others.