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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.

“Maybe You and I”

Frank Brill's Story:

Every Monday afternoon in Five Acres’ dining room 85-year-old Frank Brill reads with a child. On the weeks students are on vacation Frank sends his student a note on a greeting card. Frank began tutoring in 1996 after a visit to Five Acres with his friend and former resident Grace who told him, “You should be here every week.”

Frank was born in Brooklyn and when he was six years old began a career in show business that continues to this day from telegram deliveries in a Phillip Morris uniform to dancing for tips in the Catskills, to MCA and ABC to Las Vegas, Tahoe and Atlantic City Frank has worked with some of the biggest names in show business.

His heart, however, belongs to the children.  Beginning with Grace.

When Frank’s friend Beth Uffner was frustrated by the adoptions system, he introduced her to a judge who was consulting with Frank on a television show about juvenile delinquency. The judge put Beth in contact with a social worker who brought her to Five Acres where she found Grace and adopted her.  

Frank couldn’t be prouder of Grace if he were her father. On a wall in his home dedicated to her and his association with Five Acres is a poem Grace wrote for him at age 13. Its refrain is “Maybe you and I” and concludes:  “Maybe you and I were just meant to be.”

Frank’s commitment to children like Grace and his young students motivated him to provide for their future support through his estate plan. “I feel rewarded being part of an organization that helps society’s most vulnerable children.  It’s not an obligation.  I personally feel good helping the children.”

For information about ways to help Five Acres’ children and families in your estate plan, please contact Cynthia Nickell at (626) 798-6793 Ext. 2250 or email her.