Retired teacher plans for his charitable future
As a junior in the Jackson High School marching band, Jerry Wolf met a flashy young maestro who inspired him to turn his talent into a profession.
For 29 years, Jerry did just that, himself inspiring students in the Southeast, Waterloo and Mogadore school districts - first as a band director, then as a principal. "I believe I made a difference. In return, they kept me feeling young," he says.
Still in his 50s, Jerry is young for a retiree. And although he has no children, Jerry realizes the importance of saving for future needs and providing for his loved ones.
He also wants to give back.
Jerry's financial advisor recommended he reach out to a community foundation in his area, so he worked with Akron Community Foundation to start an endowed charitable fund. Upon his passing, Jerry's traditional IRA will transfer 100 percent tax-free into his fund. He chose to donate the IRA in order to minimize tax consequences while providing a significant, perpetual source of inspiration for students in each of his three former districts.
Ultimately, the fund will provide scholarships to graduating seniors.
"It's paying back and paying forward," Jerry says, "and my family will still be well taken care of."