Dave Salo Invests in the Healthcare Mission of St. Rose
Summerlin resident and retired business executive, Dave Salo, knows a good investment when he sees it. That’s why Mr. Salo “invests” in the important healthcare mission of St. Rose Dominican Hospitals by funding St. Rose Dominican Health Foundation charitable gift annuities. While technically, a charitable gift annuity is not a traditional investment vehicle, it provides charitable donors a means to not only satisfy their philanthropic goals but many other financial and estate planning goals as well.
In Mr. Salo’s case, gift annuities funded with several charities in addition to St. Rose, provide him with significant income-tax deductions that help offset income tax liabilities generated by required IRA distributions and other taxable investments. In addition, the lifetime annuity payments (with their high annuity rates) that Mr. Salo receives from his gift annuities help increase his overall fixed income return and provide him with a significant supplement to his retirement income.
The gift annuities that Mr. Salo is funding this year pay an annuity rate more that twice that of the interest rates available through traditional CD’s or treasury bonds. On top of that over 50% percent of the annuity payment is considered tax-free for income tax purposes. Therefore, as Mr. Salo sees it, gift annuities provide a “triple play” of benefits and they are:
1. Immediate charitable income tax deduction.
2. Guaranteed lifetime fixed annuity payments.
3. Partial tax-free income.
A “triple play” is an apt description for Mr. Salo, as he grew up in the shadows of Yankee Stadium and had dreams of playing Major League Baseball. He was well on his way to that dream when he discovered during tryouts for the Cincinnati Reds that he had a rare eye abnormality (lazy eye) that prevented him from seeing, let alone, hitting a 90 mile- an-hour fastball.
Mr. Salo’s thirst for sports and adventure never wavered and now in his mid-seventies could be called the poster man for physical fitness. He bikes 40 miles three times a week, works out almost daily and ocean swims anytime he is near warm ocean water. Not to mention the fact that he has scaled Mt. Everest (see photo) and several other high mountain peaks including Mt. McKinley (twice) and K-2.
Career wise, Mr. Salo enjoyed a very successful sales career with the American subsidiary of a large Japanese electronics company, eventually rising to the presidency before retiring to Nevada. Now, in addition to managing his investments and his physical fitness routines, he makes several long overseas and domestic trips each year, the latest being two weeks in Tunisia.
The gift annuities that Mr. Salo has funded in the past and the ones he intends to fund in the future are creating a huge philanthropic legacy that will benefit many charitable organizations and the thousands of people they serve. These people will be patients at our St. Rose Dominican Hospitals, recipients of seeing eye dogs, students at institutions of higher education and the beneficiaries of the scientific research related to asthma and other respiratory ailments.
Dave Salo says he makes these gifts simply because “it is doing the right thing.” If you would like to explore the numerous charitable methods available “to do the right thing” please feel free to contact Bob Berube, CFP, and St. Rose’s charitable gift planner for a confidential, no-obligation charitable planning meeting. Bob can be reached at 702-616-5750, 800-562-1002 or bberube@chw.edu.
