A Legacy for a Loved One Will Pass on the Gift of Education

Little Jack smilingGetting his start in education at the University of Dubuque, Arnold Lindaman '59 has passed on his love of learning to his children and grandchildren. Now the scholarship he and his wife, Lois, have endowed in honor of their beloved grandson will help secure an education for future students at his alma mater.

While pursuing a major in history and a minor in English at UD, Arnold remembers being inspired by adult leaders like President Couchman on campus. "They liberalized my thinking in terms of theology and outlook on life," he says.

Arnold describes his professors at UD as supportive and studentoriented. "They always encouraged us to do our best," he recollects, "and that's something I took into my own teaching."

Arnold enjoyed a long career in teaching and administration in middle school through college. He and Lois raised four boys, and now have 10 living grandchildren.

Arnold and Lois's grandson, Jack, was born on July 4, 2003. Diagnosed with spinal muscular atrophy, Jack's young life was a challenge that he met bravely. "He was our firecracker boy who just lit up at our family gettogethers," Arnold shares. "He was just a joy."

When Jack passed away in 2010, Arnold and Lois wanted to do something in his memory that would benefit others. Because Jack had loved learning, particularly numbers and counting, they decided to establish the Jack T. Lindaman Endowed Scholarship for UD students majoring in math or science education. "We wanted something ongoing that would continue to touch the lives of others," Arnold explains. "And [one of the groups of] people who do the best at giving back to society are teachers."

"Arnold and Lois are an inspiration to me," says Kara Leglar-Murphy, director for donor relations. "They turned a family loss into something positive for future UD students."

Arnold and Lois see the scholarship as an extension of Jack's legacy. "We have our memories of him," Arnold says, "and now a scholarship that will live on in his name."

A charitable bequest is one or two sentences in your will or living trust that leave to University of Dubuque 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, [name], of [city, state, ZIP], give, devise and bequeath to the University of Dubuque [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

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 the University of Dubuque 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 the University of Dubuque 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 the University of Dubuque 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 the University of Dubuque where you agree to make a gift to the University of Dubuque 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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