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Charitable Trust Benefits Donors, Their Children and Wartburg College

When Alvin '57 and Jeannette Bahlmann '58 sat down to plan the distribution of their estate, they wanted to ensure that provisions had been made for their four children. "We wanted to make sure our family was supported," Al says, "and to also include Wartburg, because the college has always felt like family to us."

Using agricultural and timber land to fund a charitable remainder unitrust, the Bahlmanns were able to provide for their children and one of their favorite charities—Wartburg College.

The charitable remainder unitrust provided the flexibility the Bahlmanns desired. It gave them tax advantages, extra income, provisions for their family and a significant future gift for Wartburg College. It will provide income each year to the Bahlmanns for as long as they live, give them a charitable deduction now, and after they die, the trust will continue to provide equitable income for a period of years to their four children. At the end of the term of years, the assets of the trust go to Wartburg College. Two of their children, Jennifer and Craig, are alumni of the college.

The Bahlmanns' attachment to Wartburg "goes back a long way," Nette says. They met as students at Wartburg and continue to remain close to the college by attending artist series events, alumni events and basketball games. They are regular participants in Wartburg's Keep On Learning program. Being lifelong learners has helped them be wise planners for their family's future, including Wartburg College.

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A charitable bequest is one or two sentences in your will or living trust that leave to Wartburg College 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

The bequest language for Wartburg College is "I [name], of [city, state ZIP], give, devise and bequeath to Wartburg College, Waverly, Iowa, [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 Wartburg College 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 Wartburg College 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 Wartburg College 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 Wartburg College where you agree to make a gift to Wartburg College 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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