Skip to main content

Exceptional Estate Planning Creates Extraordinary Opportunity

Yolande Fowler

Yolande Fowler - June 1933

Recently, the Frank and Yolande Fowler Chair in Biological Sciences was established to fulfill the legacy of two Florida State University friends whose passion for biology fueled their desire to fund biological research and lure stellar students to the university.

Yolande Jaquelin Fowler was born in a small French village near the end of World War I. After World War II, she married an American, Frank Fowler, whose descendents were from an old Massachusetts family. The Fowlers lived for some time in Africa and then Paris during the period that Frank worked for International Harvester overseas. They relocated to the United States in the late 1940s and moved to Tallahassee several years later.

Once the Fowlers took residence in Tallahassee, they became friends with some of the faculty at Florida State who helped cultivate their interest in the university. After Frank's death in 1983, Yolande met with various officers of the FSU Foundation from time to time to discuss the possibility of a future gift to the university. Since Frank and Yolande held interest, for some time, in contributing to biological research, Yolande decided that it was only fitting that she establish a charitable bequest to support the FSU Biology Department.

Palmer Proctor (A&S '63), as personal representative, and Margaret Ausley (LW '76), as attorney for the estate, worked tirelessly to administer the estate from the time of Yolande's passing in 2006. Both Proctor and Ausley worked closely with the FSU Foundation throughout all stages of the estate administration. Because of Proctor's and Ausley's hard work and dedication to their client, the total value of this estate gift is over $3.2 million.

Through their astute estate representation, Proctor and Ausley ensured that the Fowlers' wishes were met, and that the Frank and Yolande Fowler Chair in Biological Sciences was established. With the creation of this endowed chair, the Fowlers' passion for biology is finally able to take form. The Frank and Yolande Fowler Chair will allow for a world-class scholar to further the excellent research and instruction within the Florida State Biology Department in addition to helping the university recruit high-quality students.

 

 

A charitable bequest is one or two sentences in your will or living trust that leave to Florida State University 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 Florida State University [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 FSU 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 FSU 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 FSU 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 FSU Foundation where you agree to make a gift to the FSU 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.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.

eBrochure Request Form

Please provide the following information to view the brochure.