Couple Gives from the Mind and Heart

Barbara and Herb Sanders

Barbara and Herb Sanders believe in the importance of high-quality education. Barb is dean of the Whitworth University School of Education and is a proud '92 graduate of Whitworth's Master in Teaching Program. The Sanderses' two sons and daughters-in-law are also Whitworth grads, and Barb and Herb have provided financial support for several Whitworth students who attended their church.

Whitworth's mission to educate students' minds and hearts aligns with the Sanderses' personal goals to grow and support Christian education and future leaders in society. "The Lord has given us a wonderful marriage, a delightful family, and financial resources," Barb says. "Because of this, we have an opportunity and a responsibility to share our resources with others, including future Whitworthians."

When considering how to ensure that their legacy has the most impact, Barb and Herb thought carefully about which assets they should give to their chosen charities. The Sanderses decided to designate Whitworth University as a beneficiary of both their IRAs and their 401(k)s, which would allow them to balance their estate with philanthropic gifts and asset transfers to family members.

"We identified those assets that have a tax due upon the transfer to be given to nonprofit organizations like Whitworth and our church," Barb says. The gift of pre-tax funds such as a 401-k or IRA is the most tax-efficient method of asset transfer, which then allows non-taxable assets to go to family members.

"The inclusion of Whitworth University in our estate allows us to contribute to a legacy that meets our personal objectives," Barb says. The couple encourages others to consider leaving estate gifts to their own favorite organizations.

"Prospective donors often ask about the number of current faculty and staff who give to the university, Barb says. "As a graduate and a 20-year Whitworth employee, I believe it's important to support Whitworth financially. I feel blessed to work here, and the least I can do is to share this blessing to allow others to experience this special place."

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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