Bequest From UA Family Member Demonstrates That Giving Never Grows Old

Geraldine "Gerry" M. Robinson was 104 when she passed away May 19, 2013. The centenarian and widow of UA retiree Roy E. Robinson spent half her life as an educator — but saved her best lesson for last: Don't let someone else decide how to spend your money; plan ahead and fund your passion.

For both Geraldine and Roy, that passion was education.

The couple, who met in college, dedicated their lives to teaching. Roy retired from Barberton High School after 31 years of social studies and industrial arts instruction, and then spent 17 years in Audio Visual Services at The University of Akron before retiring a second time in 1987. Geraldine, too, began her career in Barberton, teaching a class for students with polio and other physical disabilities, and then dedicating nearly four decades to the Cuyahoga Falls school system, primarily as a second-grade teacher.

When Roy passed away just a year after his retirement from the University, Geraldine searched for a way to honor him while advancing their belief in the value of education. A scholarship in Roy's memory for students at The University of Akron was the perfect fit.

Established in 1996, The Geraldine M. and Roy E. Robinson Scholarship was created with significant input from Geraldine, who desired that the fund be used to attract outstanding students to The University of Akron to pursue careers in education.

Following Geraldine's passing in May 2013, the scholarship she lovingly established as a tribute became endowed, thanks to a bequest from her estate. More importantly, Geraldine's planning meant that she and Roy — long after their deaths — could continue contributing to their life's passion: educating young people.

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 give to The University of Akron Foundation, a nonprofit corporation currently located at 302 Buchtel Common, Akron, OH 44325-2603, 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 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 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 UA 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 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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