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How FSU Changed My Life and Career

L. Wade Humphreys

L. Wade Humphreys

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."

 

 

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 give to Florida State University, a nonprofit corporation currently located at Tallahassee, Florida, 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 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.

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