Ines Weber’s remarkable journey began in the remote Andes mountains of Colombia, South America, on April 19, 1935, as the eldest of 12 children. This isolated location provided few educational opportunities, so at a very young age, her parents sent Ines to boarding schools to get an education. As a young adult, she worked as a secretary and learned English, which opened more opportunities for her. When Ines was 28 years old, she had the opportunity to move to another country. This was the hardest decision she’s ever had to make in her life and shares, “Despite everyone’s opposition — except for my parents, who with tears gave me their blessings, prayers and good wishes — I left everything behind and moved to the United States in 1963.”
Soon after moving to her new country, she met and fell in love with her husband, Kenneth. Together, they built a successful tax preparation business in Los Angeles while investing in real estate and raising two children, Gunnar and Clarissa. Ines says, “Ken was my technical support, my mentor, my hero and my greatest fan. He believed that I could accomplish almost anything.”
After her beloved Kenneth’s sudden death in 1992 from a heart attack, at the young age of 57, Ines was heartbroken, but continued to manage the tax business and properties with the help, love and support of her children, until she retired and closed the tax office in 2019 at the age of 85. She then turned her attention to her property investments and giving back to her community.
While reading the monthly Apartment Owners Association magazine, Ines saw an ad where a retired couple shared how happy they were after donating their building to a charitable remainder trust with City of Hope and how they had saved a lot of money on taxes. The concept intrigued her, so she researched the IRS tax rules and regulations covering this kind of trust. Ines found that by donating properties benefiting charities in a charitable remainder trust she could receive lifetime income for her and her children without paying taxes on any capital gain on the sale of her property. The donor saves a lot of money on taxes and the funds in the trust are then invested to pay lifetime income to designated beneficiaries while also benefiting a charity of choice after the beneficiaries’ lifetimes. To learn about the benefits directly from the IRS, share this link with your CPA: www.irs.gov/charities-non-profits/charitable-remainder-trusts.
With her long career in accounting and as a real estate broker, Ines understood it was a savvy financial decision. After extensive research; consulting with an estate attorney; conversations with Michael Rorman, an expert on gifts of real estate at City of Hope; and a tour of City of Hope’s Duarte campus; Ines gifted six properties and finalized two charitable remainder trusts that will pay her and her children income for the rest of their lives. She says, “Now my children and I are receiving our monthly lifetime payments, deposited directly into our bank accounts, without lifting a finger. What could be better than that? And even though the monthly income is taxable, the taxes are very small in comparison to what I would have paid if I had sold the properties outright.”
Her decision to establish these trusts that benefit herself, her children and City of Hope is more than just a financial strategy. It is an act of love and foresight.
Ines chose City of Hope as her charity of choice when establishing her charitable remainder trusts because she remembered that in 2001 one of her friends was referred to City of Hope when her non-Hodgkin lymphoma cancer returned. Her friend received a bone marrow transplant at City of Hope and has been in remission since and she remains healthy today. Ines says, “This is how I first learned about City of Hope and the miracles they perform there.”
“Leave a legacy if you can,” Ines advises. “Your legacy is what you leave to others to change their lives for the better after you are gone.” She adds, “A charitable remainder trust has many advantages. It allows you to leave a legacy, to set money aside for you, your beneficiaries and a charity. You save on taxes and have a say about how and when any income should be distributed while you’re still alive.”
From her humble beginnings in Colombia to her prosperous life in California, Ines’ journey is a reminder of the lasting impact we can leave behind. Through careful planning, she ensures her family will be cared for while making a difference and creating hope for those battling cancer, diabetes and other life-threatening illnesses.
To learn more about charitable remainder trusts, please contact City of Hope gift planning experts at (800) 232-3314 or plannedgiving@coh.org. You can also download a free publication on how you can sell your property, bypass capital gains and receive lifetime income at myplanwithcoh.org/crt.