Janet Kovacs — A Bright Idea
As a teacher, Janet Kovacs always taught her students to look for new ideas and creative solutions. Not surprisingly, she did just that in planning a gift to Fox Chase Cancer Center.
In 2001, Janet retired after 38 years as an elementary school teacher. She and her husband John planned to split their time between their home in Pennsylvania and their condo in Florida. Their plans were abruptly halted when John was diagnosed with advanced lung cancer that same year. With Janet by his side, John chose to participate in a clinical trial.
"We developed such a rapport with the people at Fox Chase ... the compassionate atmosphere was amazing,” Janet recalls. After John’s death in 2002, Janet knew she wanted to do something meaningful, but it seemed out-of-reach. Coincidentally, friends who were helping her arrange the sale of the Florida condo gave Janet the solution.
The condo was transferred into a charitable remainder trust and subsequently sold. Janet receives income from the trust, and the principal will support research programs at Fox Chase after her death. The trust enabled Janet to convert the property into an income-producing trust while it generated significant tax savings.
“I could have invested the funds in many ways,” says Janet. “But with the charitable remainder trust, I am able to honor this unique facility.
That's just the kind of creative solution Janet looks for.