January 9, 2023
Scotty Probasco: Living Beliefs Through Actions
Scott (Scotty) Probasco, a lifelong resident of Chattanooga, held strong convictions about the power of philanthropy to change lives in our community. Mr. Probasco consistently lived his beliefs through his actions, whether that be by helping to create the Community Foundation of Greater Chattanooga in 1963 or through his own personal giving.
Mr. Probasco was creative in building a lasting philanthropic legacy through his use of various planned giving vehicles to support the causes he cared most about. Thanks to Scotty’s careful planning and forethought, many local institutions, including the Community Foundation, received transformational gifts that will continue to impact the work we do for years to come.
One of Scotty’s legacy gifts, developed in partnership with skilled professional advisors and Community Foundation staff, was a two-life Charitable Remainder Trust that provides for his wife, Betty, during her lifetime and then, upon her passing, transfers the remainder into a donor advised fund (DAF) at the Community Foundation.
Scotty also made the Community Foundation owner and beneficiary of his life insurance policy, and in the process, effectively doubled what he intended to leave to charity, diversified his investments without paying capital gains, gained a tax credit and provided additional security for his wife upon his death.
“The amazing thing about Mr. Probasco is that he understood the power and potential of creating permanently endowed assets for the charities and causes he cared about. This story is special not only because of the leader he was in the community, but also because of the meaning he created through his legacy of intentional generosity,” notes Maeghan Jones, Community Foundation President.
By making use of both a Charitable Remainder Trust and his life insurance policy as planned gift vehicles, Scotty was able to develop planned solutions that allowed him to care for his family and his community in perpetuity.
To learn more about planned giving vehicles that enable you to care for your family and the community in perpetuity, contact us.