Charitable Remainder Trust

Steve Thorpe's connection to Sacramento City College dates to August 1969, when he arrived at our campus to begin college after serving two tours during the Vietnam War. Steve credits his education at SCC as the catalyst for everything that happened in his life after that time. He had been a high school dropout, but after attending SCC he completed his education at Sacramento State and served in law enforcement before returning to SCC to have a lengthy career as a professor in the Administration of Justice Program.

Along the way, Steve invested in real estate, buying homes in West Sacramento that needed significant renovation. He did his own renovations and rented the properties, and soon found himself with a substantial amount of equity but also a lot of work every month to manage the number of rentals he owned.

Steve worked with his estate attorney and discovered the benefits of an irrevocable Charitable Remainder Trust (CRT), which would allow him to sell his rental properties and to invest the funds with a guaranteed annual return that would not only benefit Steve during his lifetime, but it would also benefit his wife and son during their lifetimes. Steve benefited from a charitable tax deduction and avoided the capital gains tax on the sale of his appreciated properties through his gift to the CRT. He is also happy to receive an income stream without having to do the work of managing the rental properties.

After the lifetimes of Steve, his wife, and son, the residual of the CRT will be gifted to Sacramento City College to create an endowed scholarship to support students who intend to have a career in public service, as well as an endowed President's Fund to allow SCC presidents to invest funds where needed most to promote student success.

Knowing that his wife and son will be provided for without either of them having to manage the rental properties gave Steve peace of mind, and knowing that generations of SCC's students will benefit from this incredible gift is way that Steve can "pay it forward" to the college that did so much to help him launch his own career. Steve says, "I give because I see myself in these students."