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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.

A Century of Generosity

Jim Fullerton's Story:

“The last time I was at Five Acres I was in uniform.” Jim Fullerton was referring to his previous visit in 1946 to the campus his father helped build in 1925 on five acres of land in Altadena for The Boys’ and Girls’ Aid Society of Los Angeles County.  

That was in 1996, fifty years later, when Bob Ketch and Cathy Clement proposed to Jim that there was no more appropriate person to memorialize with the planned patio for children and families than his father, Robert Fullerton, Jr.  Soon thereafter Jim and his sister, Elizabeth Fullerton Simpson, decided to fund Fullerton Patio in their father’s memory.

“The three biggest things in his life were his family, the farm in Canada and Five Acres,” recalls Jim about his father’s decades-long commitment to what was then known as The Boys’ and Girls’ Aid Society.  “Every night at dinner I heard about The Boys’ and Girls’ Aid Society.  The people involved were the fathers and mothers of my friends who supported all the good organizations in Pasadena.”  Robert Fullerton was a member of the capital campaign committee in the 1920s and was board president from 1933 to 1947.

Jim and his wife Harriet have continued the Fullerton legacy of generosity to Five Acres which now spans nearly a century. They are generous annual donors, helped fund the reconstruction of one of the original buildings his father helped build and have recently donated to the new research and training center construction fund.  

Jim has come to recognize the power of sharing his enthusiasm for the charities near to his heart. “I used to think that giving anonymously was the way to go.  But now I believe you are not giving as much as you can if you don’t have your name attached.” Today’s children – and those for decades to come – who play near the plaque on the patio and pass the donor wall on their way to class in the Arts and Education Center will reap the benefits that the Fullertons’ generosity has made possible.

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.