Making a Difference through Tax-wise Gifts
Retired Commander Edward Keough and his wife Leilani Keough have made a donation to Punahou each year since 1980, the year their youngest child graduated. The Keoughs chose to give back to honor the experience their children, Wendy Keough ’78 Fuller and retired Colonel Patrick Keough ’80, had at Punahou. “They received an excellent education and were very well prepared for college,” Commander Keough shared. “We were grateful and wanted to continue supporting the School, and we have continued to do so.”
This year, the Keoughs chose to make a larger, five-year pledge in support of the new Academy Learning Commons building, which is the renovation of Cooke Library. It was fitting to honor this major project in the Academy where their children spent so much time.
“A lot of people might not realize that by doing this, you can reduce your adjusted gross income, thereby avoiding higher taxes on your social security income and higher Medicare premiums. It is a wonderful way to make a gift that benefits Punahou but also helps the donor.”– Commander Edward Keough
The way the family made this gift was financially strategic, due to the hands-on expertise that Keough developed after he retired from the Navy and became a stockbroker with Merrill Lynch. He knew he could direct his Required Minimum Distribution (RMD) from his IRA directly to Punahou and lower his taxable income. “A lot of people might not realize that by doing this, you can reduce your adjusted gross income, thereby avoiding higher taxes on your social security income and higher Medicare premiums,” he shared. “It is a wonderful way to make a gift that benefits Punahou but also helps the donor.”
For more information about tax-wise gifts, contact Director of Gift Planning Carrie Ogami, J.D. at cogami@punahou.edu or 808-944-5845.