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Duane and Virginia Payne: A Vital Part of the DBU Family

If you asked Duane or Virginia Payne about Dallas Baptist University, they would smile and say that they love DBU, the students, the faculty, the staff and the administration. And because of their love, the Paynes have done their best to support DBU with special financial gifts and also through their estate planning.

"Dallas Baptist University is my favorite university," Duane explained.

However, neither Duane nor Virginia are DBU alumni. Neither has ever attended a class at DBU or its predecessor Decatur Baptist College. Neither had any connection with the University—until a chance encounter at their Fort Worth church.

A native of Mayfield, Texas, Duane served in the Army Air Corp during World War II prior to moving to the Texas Gulf Coast near the town of Freeport.

There, through the help of his brother, he met a beautiful young lady named Virginia. The two attended the same church, and both sang in the choir, and within a short period of time, they began dating and were married. They were married for over 73 years.

A Chance Connection
Duane and Virginia soon left Freeport in order for Duane to attend college. After serving as a music director at various churches, he entered the public school arena as a music educator and choir director, and he and Virginia joined Travis Avenue Baptist Church, where they met Col. Clayton Day.

After a distinguished career in the military, Col. Day accepted a role as a development officer at what was then Dallas Baptist College. Col. Day never met a stranger, and to this day the Paynes remember what a wonderful man of God he was, as well as his sweet wife, Maxine Day.

Knowing Duane's musical talents, Col. Day connected with him and invited his choirs to come out to the DBU campus.

"If it hadn't been for him," Duane says, "we wouldn't have known about DBU."

Since that connection, the Paynes became a part of the University family and encouraged others to become involved with DBU as well. They recruited students for DBU and even helped to personally pay for student tuition. They did this because of a love of and trust in the school.

"DBU puts Christianity at the top of the list of what they want to do," Duane explains. "They want everybody that comes in there, and has anything to do with the school, to be a good Christian."

Because of this love for DBU, the Paynes decided to become members of the DBU Legacy Society, a group of individuals who have included DBU in their estate planning.

They both passed away in 2018, but thanks to the commitment that the Paynes have shown to the Lord, their love for DBU, and the work of individuals like Clayton Day, students for generations to come will have the opportunity to become servant leaders for Christ in whatever field to which God may call them.

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© Dallas Baptist University      See Legal notice

A charitable bequest is one or two sentences in your will or living trust that leave to Dallas Baptist 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 Dallas Baptist University, Dallas, Texas, [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 Dallas Baptist University 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 Dallas Baptist University as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 Dallas Baptist University 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 Dallas Baptist University where you agree to make a gift to Dallas Baptist University 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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