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Two Perspectives, Two Good Reasons for Supporting DBU

Opal-JC-Milstead

Opal and J.C. Milstead

According to J.C. and Opal Milstead, husband and wife for 54 years, Dallas Baptist University has a special place in their hearts—but for entirely different reasons.

J.C., who was a trust officer and estate secretary with the Baptist Foundation of Texas, visited all of the state's Baptist colleges and universities over the course of a 40-year career. He was very impressed with DBU.

"I really like Dallas Baptist University," J.C. says. "What I see gives me a lot of confidence in the school and the direction it is going."

And J.C. has never been hesitant to place his money where his confidence lies. He and Opal have been faithful and consistent donors for many years, making cash gifts as well as setting up a number of charitable gift annuities with DBU.

"That place is my lifesaver," says Opal, who graduated from Decatur Baptist College (forerunner of Dallas Baptist University) in 1942. A one-time scholarship paid for her first year, but as her second year rolled around, Opal's parents could not afford the expense. Crop failures had hit the family hard.

Opal would not be denied, however. Her parents put up what little money they could, she found a job to earn room and board, and Dr. J.L. Ward, DBC's president, loaned her the rest. It was a gesture that remains vivid in her memory, long after the loan was repaid. "I will always be grateful to Dr. Ward and DBC," Opal says.

Much of the money she and J.C. are donating through their gift annuities is going toward scholarships to help future generations of students.

"The gift annuities," Opal says, "are the grandest things ever. We get the payments (along with tax benefits) and have the satisfaction of knowing that our money will be used to do what we want done. Dallas Baptist University really has a special place in our hearts."

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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 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 Dallas Baptist University 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 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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