When business brought Mike and Patricia Levitt to Dallas, they ended up working and living in the shadow of Baylor University Medical Center at Dallas. It has worked out well for both parties.
The Levitts built a thriving business in real estate after arriving in Dallas in 1980. “We became experts in rental properties,” Mike said. “But then some of our clients started asking us to help them find houses in the area. They were leaving us, so Patricia decided we might as well be the ones selling them houses. Patricia started her own company (Starr Real Estate), and we continued our property management business (Levitt Enterprises).”
When the Levitts need medical care, Baylor has been the place they turn. They first became linked to Baylor when Patricia needed bypass surgery. “The experience was amazing,” Mike said. “The people there were angels – they were so good to us, it was unbelievable. Of course the doctors were excellent, but it was all the people who made it happen – down to the volunteers that helped me when I was waiting for Patricia. ”
Later, when Mike needed knee, hip and shoulder replacement surgeries, he had a similar experience.
“They wanted me to leave so fast, but the care was so great, I didn’t want to leave” he said. “I don’t even walk with a limp or have pain at all, and my shoulder is like new!”
That feeling led the Levitts to make gifts that help the hospital – and themselves.
Mike and Patricia have been showing their gratitude to Baylor through gifts since 1986. In 2008, when they began preparing for retirement, they learned of a planned gift called a charitable gift annuity. A gift annuity is a contract between Baylor Scott & White Dallas Foundation and the donors; in this case, Mike and Patricia. Through this vehicle, the Levitts make gifts of cash in exchange for lifetime annuities. They receive an immediate income tax deduction and a large part of the annuity is tax-free to them.
Over the past 10 years, the Levitts have established 29 gift annuities with the Foundation to benefit Baylor Scott & White programs, the most recent ones in 2019. They have also established a testamentary gift annuity in their wills for Patricia’s sister if she is still leaving when Mike and Patricia are gone. This testamentary gift annuity will enable the Levitts to provide an income stream for a loved one and benefit Baylor when that annuity matures.