Retired Teacher Puts Heart, Hope into 'Unexpected' Gift”

Whitworth

Since its launch in 2002, Act Six scholars at Whitworth have served in many key leadership roles on campus, including student body president.

During her 30 years teaching in urban schools, Gretchen Harrell '60, encountered too many students who had the intellectual ability to go on to college but lacked the necessary family support, study skills or financial resources. When she heard about a successful program equipping and supporting students from inner-city Tacoma and Spokane to attend Whitworth University, her alma mater, she got excited.

"Based on all of my experience, the more I learned about the Act Six Leadership and Scholarship Initiative, the more I knew Act Six would work," Gretchen says. "The training and preparation the students get before enrolling, and the support they get from peers and staff once they get to campus, really increase their chances to succeed."

Gretchen proved her enthusiasm with an $800,000 gift to create a charitable trust. The trust provides her an income for life and will eventually create an endowment to help fund Act Six scholarships and support Whitworth's commitment to provide full-tuition scholarships for Act Six Scholars.

Gretchen's values led her to consider this gift, and she never expected to be able to provide such a lasting impact. She believes that many people with modest incomes and appreciated real estate may benefit from the various planned-giving arrangements at Whitworth. Holly Norton, director of The Whitworth Foundation, advised her on the financial and tax benefits of creating her legacy.

Learn How You Can Help
If you would like to help more students receive a Whitworth education, consider making a planned gift through your estate. Contact Holly Norton at 509.777.4362 or hnorton@whitworth.edu to learn more about your many gift options.



A charitable bequest is one or two sentences in your will or living trust that leave to Whitworth University 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

Bequest Language

I hereby give, devise and bequeath to Whitworth University, a nonprofit corporation located in Spokane, Washington, and a tax-exempt organization under Section 501(c)3 of the Internal Revenue Code,      gift of what       (the sum of $               ; or            % of my estate; the residual of my estate; or the personal/real property described herein) to be used for        purpose      (general and unrestricted use; endowment; academic programs; scholarship; facilities etc)

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 Whitworth 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 Whitworth 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 Whitworth 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 Whitworth where you agree to make a gift to Whitworth 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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