Alumnus Provides Real Estate to UA in His Will

Jim Fisher was a friend of the University for more than 40 years, and his affiliation reached a personal high point when he included the University in his estate plans, gifting his personal residence to the University. Through his professional expertise, he knew that gifting his home to the University in this manner removed a taxable asset from his estate. The University of Akron Foundation, in turn, sold the property and the proceeds came to the University for its unrestricted use, per the wishes outlined in his estate plans.

Throughout his personal and professional life, Fisher enjoyed all things Akron — the sounds, friends, and environs of a hometown community that made him smile for 65 years. A well-regarded friend and alumnus of The University of Akron, Fisher earned degrees in civil engineering and law. He retired after an outstanding career at Buckingham, Doolittle and Burroughs, which saw him represent the University in a wide range of real estate matters.

His vitality was evident in his social activities, as well. A member of the Copley Lions Club and a board member of the Stan Hywet Hall Foundation, Jim had interests that always led him to consider what more he could do, what greater impact he could have. His constant support of the University as a lifelong donor provided much-needed assistance to many students. His donations and his estate gift reflected the life he lived and made a bold statement about what he believed in and cared for.

Fisher's estate gift to the University is a great example for others. It leaves a legacy that speaks well into the future, helping build a path for students who are just beginning their own paths and wish to make vibrant differences in the community.

A charitable bequest is one or two sentences in your will or living trust that leave to The University of Akron 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, [name], of [city, state, ZIP], give, devise and bequeath to The University of Akron Foundation [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 UA 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.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

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 gift 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 receive an immediate federal income tax charitable deduction. 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 UA Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 UA 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 UA Foundation where you agree to make a gift to the UA 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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