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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.

"This is God's Work"

Susan and Dan Wier's Story:

“The work Five Acres does is the noblest thing a person can do. I think it’s God’s work,” says Dan Wier who joined the board of directors in the early 1980s.  But Dan wanted a hands-on connection with the kids, so when he retired from the board he became a “special friend” to group home youngsters Tommy and James. Dan took them to ball games and the movies, but more importantly Dan modeled caring and responsible adulthood.

Dan knew that in those early days when youth emancipated from the system there was no formal program to take them to the next step. So when Tommy needed a car to get to Glendale Community College, Dan called a friend whose Jetta was for sale, persuaded him to sell it at a discount and then solicited six more friends to join him in donating the rest of the cost.

Soon Susan became involved with Five Acres through the Festival of Trees fund raiser and then joined the board of directors. Sharing Dan’s passion for youth leaving the system, Susan chaired the scholarship committee and was impressively successful in attracting funds for individual students. “I loved it because I didn’t expect to ask for money and be successful. But if you give people an easy and meaningful way to do it, they will.  It was just so easy.  And I believed in it!”.

Dan and Susan continue to support the scholarship program through their annual giving and have provided for its future in their estate plan.  As Susan puts it, “We believe wholeheartedly in Five Acres and its wonderful mission.  It’s where our heart is.”

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 her.