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Love of Law Enforcement: Retired Special Agent Supports College of Criminology

Jerry and Carolyn Glass

Jerry and Carolyn Glass used a charitable gift annuity to fund their scholarship.

Jerry Glass '71 knows firsthand the value of a Florida State University education and the difficulties of working full time while pursuing a degree. For these reasons, he and his wife decided to create the Jerry and Carolyn Glass Scholarship Fund in the College of Criminology and Criminal Justice.

"I believe in the institution that guided me to where I am today, and I wanted to offer the same opportunities to less fortunate students," Jerry says.

Ardent supporters of the College of Criminology and many other academic units, Jerry and Carolyn knew it was time to make a lasting impact on the students who share Jerry's love of law enforcement.

"I am the first graduate with a degree in criminology to endow a scholarship for the College of Criminology. I also have contributed to the colleges of medicine and business. I hope one day to contribute to additional areas."

After consulting the Office of Planned Giving, Jerry and Carolyn decided that a charitable gift annuity was the best way to fund their scholarship. The couple realized that the gift annuity would provide them not only a substantial charitable deduction, but also fixed payments.

"The annuity will give my wife and me income for the remainder of our lives, and I know the endowment we establish will ensure deserving students better opportunities for education," says the retired U.S. Department of Transportation special agent.

To establish the gift annuity, the Glasses made a generous gift to the FSU Foundation and received an immediate tax deduction. The couple now receives fixed payments from the FSU Foundation.

Even after retiring to his hometown of Marianna, Fla., Jerry isn't slowing down. He remains a Seminole to the core, serving on numerous boards and attending sporting events every chance he gets.

Through the Jerry and Carolyn Glass Scholarship Fund, he continues his enduring commitment to helping students in the College of Criminology and Criminal Justice pursue their goals.

"Our time on earth is short," Jerry says. "By giving to the University and endowing scholarships, I hope to be remembered long after I'm gone and to encourage future generations of my family to contribute to something I believe in so strongly. I encourage other people to do the same."

 

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.

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