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DONOR PROFILE JOURNALIST COUPLE WRITES THE FUTURE WITH PLANNED AND PRESENT GIFTS Carolyn and Don Carter Carolyn and Don Carter have been guided by such core values as fairness, balance, accuracy and credibility over their long professional careers in journalism. They wanted to assure that these same values would continue to be taught at their alma mater, the University of Georgia's Grady College of Journalism & Mass Communication. Their first thought was to create a chair in journalism through a planned gift. After discussion with Gift Planning staff at UGA, they decided to make a gift of appreciated stock toward a charitable gift annuity. This would provide them an income for the remainder of their lives (while diminishing the effects of capital gains taxes) and then create an endowed fund which would support the chair in perpetuity. On further reflection, Carolyn and Don wanted to see this teaching position "up and running" now while they could actually see the direction it was taking. They went the extra mile by making a substantial present gift which immediately created the Carolyn McKenzie and Don E. Carter Professorship of Excellence in Journalism. Eventually, the planned gift will pour into this existing fund and the position will become a full academic chair. The Carters understand that building a strong endowment is the only way to assure the excellence we have all come to expect of the University, through a combination of gifts in the here-and-now and through planned gifts. A charitable gift annuity is a simple agreement where, in exchange for your gift of cash or securities, fixed, periodic payments will be made to you and/or another beneficiary for life. A portion of the payments to you may be tax free, or taxed at the more favorable rate for taxes on capital gains. Of course, you will be entitled to an immediate federal income tax deduction for a portion of your gift. If you would like to join the Carters in supporting the University of Georgia (or some constituent part of UGA) through a planned gift, please contact Keith Oelke at 706-542-8179 or koelke@uga.edu. The Heritage Society was established to honor alumni and friends who have made documented bequests in their Wills or other planned gifts in support of the University of Georgia. Download Georgia Heritage Download issues of Georgia Heritage, the newsletter of UGA Gift & Estate Planning, in PDF (Acrobat) format: • Spring 2005• Summer 2004• Fall 2003• Spring 2003 If you would like to become a member of the Heritage Society by including the Arch Foundation in your financial or estate plans, the University's Major Gifts and Planned Giving Officers will be happy to work with you and your advisors. Your gifts help ensure that the University of Georgia will continue its tradition of excellence well into the 21st century. In order for your wishes to be carried out you should . . . 1. Make a will. Many people talk about leaving gifts to educational institutions or other nonprofit organizations, but unless they leave a properly executed will, their assets will simply be divided among their relatives. A letter of intent or verbal promise does not ensure that a person's wishes will be carried out. A legal will is essential. 2. Consult an attorney. To make a proper will, it's best to first seek the advice of an attorney skilled in estate planning. Even the simplest wishes regarding the most modest estate must be written in proper legal language. In general, the cost of a legal will is modest, particularly compared to what a homemade will might cost your estate later. Your attorney should suggest ways for you and your heirs to save money by reducing estate taxes and minimizing probate costs and other legal expenses. 3. Update your will regularly. An out-of-date will may be no better than no will at all. By reviewing your will annually or whenever a major life event occurs, you can ensure that your will is accurate. Your will should reflect any change in your family through marriage, divorce, birth or death; changes in state and federal laws; changes in the nature and value of your property or changes in your residency. Moving to another state may affect the validity of your will. 4. Name an executor and an alternate. In your will, you will need to specify someone to be your executor to see that your will is properly executed. It is wise to name alternate executors in case your chosen executor predeceases you, moves away, is ill, or for some other reason cannot handle the details of your estate. Choosing someone who is knowledgeable in business matters or has had some experience with managing finances is a good idea. You may also consider choosing a corporate executor like a bank trust department rather than a family member or friend. A corporate executor has experience and access to experts in probate, real estate, taxes, and investment instruments. 5. Choose your beneficiaries. You may want your estate divided among several beneficiaries, for example, your family and loved ones, the Arch Foundation, and others. Since your assets change during the course of your lifetime, you may want to leave each of your beneficiaries a percentage of your estate. The percentage idea is a flexible way of giving. Another flexible technique is to name a final beneficiary, like the Arch Foundation, to receive any unclaimed bequests. 6. Tell us your plans. As you consider your options, please keep us informed. We may be able to suggest an idea for a memorial that would suit both your needs and the changing needs of the University. We would be happy to talk with you about how you can best achieve your charitable objectives through a gift to the Arch Foundation. We are also available to review draft bequest language with your attorney. 7. Remember the Arch Foundation. If you include us in your will, please tell us. We would much prefer to say "Thanks for the bequest" to you rather than to your executor. We'll keep the information you share with us confidential. Also, if you prefer your gifts to remain anonymous, we will honor your request. 8. Note our legal name. Your attorney will need to know that bequests should be made to the "Arch Foundation for the University of Georgia, Inc." The Internal Revenue Service recognizes the Foundation as a 501(c)(3) organization with tax identification number 20-2779492. Contributions are deductible as provided in Section 170 of the Internal Revenue Code. 9. Participate in Heritage Society activities. As a member of the Heritage Society, you will be identified as one of the generous supporters of the University of Georgia. Your name will be listed annually in university publications, and periodically you will be invited to special university functions. You will receive a special diploma-like membership certificate and a distinctive membership lapel pin. If you would like more information on wills, gifts that pay you a lifetime income, or other planned giving opportunities, please feel free to contact our office.