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Glossary of Planned Giving Terms

A contractual agreement to pay a fixed sum of money to an individual at regular intervals. A charitable gift annuity makes lifetime payments to the benefactor and/or another individual.

One named in a will, trust or other legal document to receive an interest in as estate.

A direction in a will to pay over or distribute person property is a bequest. Also called a legacy.

See Cost Basis

Capital Gains Tax
A federal tax on the appreciation of an asset between its purchase and sale prices.

Charitable Gift Annuity
An agreement in which you transfer cash of other assets to a charitable organization in exchange for its promise to pay you an annuity for life.

A legal instrument made to modify an earlier will.

Cost Basis
The original value of an asset, such as stock, before its appreciation or depreciation.

Estate Tax
A tax on the net value of property subject to tax (“taxable estate”) plus the sum of the “adjusted taxable gifts” at the time of a person’s death. It is based on the right to transfer or transmit.

The person named in a will to administer the estate (known is some states as the “personal representative”).

Fair Market Value
The price that an asset would bring on the open market.

Gift Tax
A tax on the donor of inter-vivos gifts (those made during life), based on the right to transfer or transmit, and payable primarily by the donor.

Gross Estate
Total property or assets held by an individual as defined for federal estate tax purposes.

Life Income Gift
A planned gift that makes payments to the benefactor and/or other beneficiaries for the lifetime, then distributes the remainder to charity.

Planned Giving
A way for generous individuals to make larger gifts than they otherwise could make by using planning techniques to provide for both charity and their heirs in ways that maximize the gift and/or minimize its impact on the donor’s estate.

The process of providing a will’s validity; used loosely to mean the administration of an estate.

Testamentary Trust
A trust established through the will of the grantor.

An individual or organization carrying out the wishes of the person who established the trust, paying income to the beneficiaries and preserving the principal for ultimate distribution.

A legal instrument disposing of a person’s property at the time of his or her death.

Something I Believe In

Ernest Posey's Story:

Ernie Posey met his wife Gunde many years ago making a sales call in Denmark.  “It was love at first sight.  As soon as I saw Gunde, I forgot all about the products I was trying to sell and tried to sell her on the idea of having dinner with me.  I never had such a tough sale!”

After numerous trips back to Denmark, Gunde finally gave in, and 23 years later they live happily in Arcadia and are the proud parents of two sons — David, a student at the Culinary Institute of America in New York, and Mark, a freshman at PCC.

Today Ernie is CEO of the J.T. Posey Company, a company his 91-year-old father founded in 1937. The company has grown to 375 employees with the head office in Arcadia, warehousing in Chicago and manufacturing plants in Mexico and China. The company has designed and developed over 600 products used in hospitals and nursing homes around the world.

“I am grateful that I have been so fortunate and received the love and attention every kid needs growing up.  It’s important to me to help the children at Five Acres grow up in a secure and supporting environment”

Ernie is a Five Acres Ambassador and serves on the investment committee.  When asked how he came to know about Five Acres, his quick reply is, “Gary pulled me in!”  Five Acres board chair Gary Blasiar met Ernie through YPO (Young Presidents’ Organization) in 1992, and Ernie has been an active volunteer and generous donor ever since.

“Five Acres is very important to me. I realize that budget cuts will only get worse and want to help while I’m alive and into the future. That’s why Gunde and I have included Five Acres in our estate plan. My association with Five Ares has been very rewarding.  It’s something I believe in.  I only wish I could do more.”

For information about the scholarship fund or ways to remember Five Acres in your estate plan, please contact Cynthia Nickell, at 626.798.6793 Ext. 2250 or email Cynthia