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Gotwals Honors Family and Receives Lifetime Income Through Charitable Gift Annuity


At a time when women rarely took up the seats in a classroom of higher education, Lois Folk Gotwals set out to be one of those few. Knowing that her dream to teach required a degree, Gotwals made her way to Ball State University - a premier teaching college.

After earning her bachelor's and master's degrees in home economics education, Gotwals had the opportunity to teach throughout Indiana. She joined the Purdue University staff, traveling and teaching adult groups. Gotwals even had the opportunity to serve her alma mater for 10 years while teaching textile studies at Ball State. She later retired back to West Lafayette, Indiana, but never forgot the opportunities she had been afforded by attending and serving as a faculty member of Ball State.

When the prospect came to give back to Ball State, a charitable gift annuity just made sense, she says. After accumulating a large return from a stock investment, Gotwals was able to donate her stock without facing a heavy capital gain tax in exchange for supporting the university. Her assets help the school she loves and in return, she receives quarterly payments each year that help her live comfortably in her retirement years.

Most importantly, the residual from Gotwals' gift will support the Sylvia D. and Ralph D. Folk Memorial Scholarship-a fund that honors her family and supports students studying music, a family passion.

"I was fortunate to attend the university at a time when the state paid most of the tuition costs," Gotwals says. "Now that times have changed, I was inspired to help out those students who don't have the opportunity I did."

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A charitable bequest is one or two sentences in your will or living trust that leave to Ball State University Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Ball State University Foundation, a nonprofit corporation currently located at 2800 W. Bethel Avenue, Muncie, IN 47304, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the foundation where you agree to make a gift to the foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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