Selden Bailey came to Dothan in 1948 and decided the Wiregrass city was where he wanted to stay to raise his family.
Today, it's the commitment that he feels to the community and Troy University's dedication to molding young minds that led him to establish a charitable remainder trust through the University's planned giving program.
That trust will benefit the University by providing scholarships for deserving students; but until that time, it will also provide a stream of income for the Baileys.
Through a charitable remainder trust, the donor or their designated beneficiaries receive a specified fixed percentage of the full market value of the trust's assets, as determined annually.
"My wife is automatically the trustee. She is my primary responsibility," Bailey said. "At her demise, as much as $200,000 will go to scholarships supporting TROY and advanced education."
The funds have been designated for students who take part in the University's ROTC program.
"I am interested in the discipline that the military offers to young people," Bailey said. "It is my hope that these scholarships will encourage young people to get a broader understanding of the world and further their educations through an advanced degree."
Bailey said the fact that his wife, Francis, won't have to face decisions concerning the financial matters is another benefit of a charitable annuity trust.
"It is a tremendous relief to have the strength and integrity of Troy University managing this trust and knowing that Francis will not have to worry about making those decisions," Bailey said. "I also feel a commitment to the community. I have had a good life, and I am glad to have the opportunity to give back to an area that has been good to me."
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.