Your Gift to Shattuck-St. Mary's School and Yourself

Jack Fuller SmilingOver the course of the years, you have received a variety of requests to support SSM. In past issues of The Arch and annual donor reports, we described several significant gifts to the school.

Clearly, without the support of our alumni, parents and friends, SSM would not be what it is today, will not be what it can become or, in fact, would not be at all. There are other ways to give to your school besides direct gifts of cash and marketable assets. Listen to what Jack "Foo" Fuller '40 has to say:

"Many of us continue to give cash to the best of our ability on a yearly basis, and the school is extremely grateful for the support and fervently hopes you will continue this practice. I have recently discovered another way to make a significant gift to the school while at the same time receiving a regular payment from that gift and a substantial tax deduction from the IRS. It is known as a charitable gift annuity. This is a classic win-win example of how you can cut your taxes, improve your cash flow and benefit your old school all at the same time."

Jack and his wife, Nancy, provide but one example of how this type of deferred gift can achieve all that Jack says it does.

A charitable gift annuity is a contract between the donor and SSM whereby the donor makes an irrevocable gift and receives fixed, lifetime payments. CGAs may be written for one or two persons.

The Fullers have established two CGAs with the school. These tangible expressions of their belief in the mission of Shattuck-St. Mary's School are also eloquent expressions of their belief in its future. Deferred gifts help make that future secure for the school and the donors.

Other types of deferred gifts include bequests, charitable remainder trusts, life insurance, life estate, retained life estate and other payment-producing gifts.

For more information about any of these giving instruments, please contact Lonnie Schroeder at 507-333-1637 or

A charitable bequest is one or two sentences in your will or living trust that leave to Shattuck-St. Mary’s School 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 Shattuck St. Mary's School [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 Shattuck-St. Mary’s 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 Shattuck-St. Mary’s 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 Shattuck-St. Mary’s 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 Shattuck-St. Mary’s where you agree to make a gift to Shattuck-St. Mary’s 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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