When L. Wade Humphreys began thinking about estate planning, it did not take him long to decide that "Giving Back" for him meant to the academic institutions that had meant so much to the course of his life.
He grew up in a working-class family that stressed the importance of strong values and work ethic more than they stressed higher education. His father always had two jobs and his mother instilled in him the mantra: "Act well your part: that is where the honor lies."
He had a morning newspaper route for all of his high school years. His high school faculty and his peer group encouraged him to pursue higher education, and he chose the University of North Carolina at Chapel Hill where he earned his bachelor's degree in Business Administration. He was the first in his family to graduate from college.
Wade selected the U.S. Navy to fulfill his military obligation. He retired with 37 years of service, including both active duty and ready Reserve, and the rank of Commander.
"Serving in the U.S. Navy was a privilege and a source of great pride for me," he says.
He earned his M.B.A. from Georgia State University and then a Ph.D. from Florida State University's College of Business.
He eventually retired as a Tenured Associate Professor of Management from Virginia Commonwealth University.
"My relationship with the Florida State University School of Business proved to be the most significant and fulfilling change in my life," Wade says. "The faculty enabled me to grow into my own expectations. They provided inspiration, challenge, and guidance."
"Since I considered the capstone achievement of my life was earning my Ph.D. from Florida State, selecting the first receiver of my ‘Give-Back' was an easy choice," Wade says.
When he reached out to the Florida State University Foundation about his estate planning needs, he developed a relationship with Jake Lemon, senior director of Planned Giving. Together with Lemon and his stock broker, he decided to create a scholarship endowment through two vehicles: a charitable gift annuity (CGA) and a beneficiary designation of his brokerage account.
The CGA provides income for Wade for the rest of his life while the balance of the annuity will benefit the scholarship endowment. He also chose to make his endowment the beneficiary of his brokerage account.
"I am very satisfied that the Dr. L. Wade Humphreys Endowed Scholarship will be my permanent link to the University and will provide assistance to future graduate students of the College of Business," he says. "Adding Florida State as the beneficiary of my brokerage account will greatly expand the number of students who will receive benefits from this scholarship. The benefits to me—including tax advantages now and income for life—and the University made it a winning decision all the way around."
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.