Lifelong Investor Puts Her Money Where Her Health Is

Written by Colleen Farrell

Suzanne WebbNinety-three year old Suzanne Webb has a crystal clear mind and a soft spot in her heart for doctors and hospitals. Her brother was an ear, nose and throat specialist at a large regional hospital in her native Quebec.

So when Bill Chang, her financial planner and a member of Torrance Memorial's Professional Advisory Committee, recently suggested how she could make a donation to Torrance Memorial that would also help to secure her own future, she was all ears. He suggested she consider transferring a rental property to an income-producing Charitable Remainder Trust (CRT).

"It impressed me that Torrance Memorial is an independent hospital," she says. "It's more difficult for them these days, so I wanted to do something to help."

With a CRT, the Trustor, or other named individual(s), receives income each year for life from assets given to create the trust. After the life of the named individual(s), the balance in the trust goes to the Torrance Memorial Foundation. Because the CRT is irrevocable and the charitable gift is the end result, the Trustor receives a tax deduction in the year the gift is made. The payments received each year are also partially tax-deductible.

"With some charities, you really don't know where your money is going. This way, I know where it's going and that it will do some good," she says.

Webb knows the value of the dollar and is no stranger to making smart money decisions. While taking courses to prepare for law school, she worked two jobs—keeping books for the owner of several gas stations in Los Angeles and practicing real estate in Hollywood.

As she enrolled in Western State University Law School in Orange County, her day job was working in the travel department of the Consulate General of Canada, which required her to be fluent in English and French. After passing the California State Bar, she plunged right into general practice law with a partner at a small private firm.

She practiced there for the next 20 years, mostly taking on family law legal aid cases. She then moved her offices to Long Beach and San Pedro, where she practiced solo for the next 23 years, changing her specialty to probate and real estate law as well as estate planning.

"I enjoyed my work as an attorney because I could help the middle class who could not afford to pay legal fees," she says.

Webb began to invest in real estate at a young age. Her first home purchase was in the Hollywood Hills near the Hollywoodland (now Hollywood) sign. She then continued to buy apartment buildings, homes and condos throughout Southern California and Hawaii as investment properties.

"I didn't make that much money practicing family law, so from that point on, it became all about buying real estate and acreage," she said. "I bought an apartment house in Burbank and rented it out to movie studio people. I later sold that and bought another, and then another."

Webb married later in life. Her first husband, a physician, passed away at 57. She later married Robert Webb.

With several investments providing income and the help of the CRT, Webb is able to spend her golden years doing what she loves most—traveling the world. Her first trip as a young girl was crossing the Atlantic on the Queen Mary just following World War II. Her most recent trek included stops in Cape Town, South Africa and Angkor Wat, a temple complex in Cambodia that is the largest religious monument in the world.

"It feels a lot better to give to a charity than to pay that money in taxes," she says. "When your affairs are in order, you have peace of mind."