Estate Gift Culminates the Lifelong Connections to Alma
Maintained by 1936 Alumni James and Jane Allen Day
Her parents are both deceased now, but Barbara Day Galloway has vivid memories of their lifelong devotion to Alma College, which resulted in the establishment of an endowed scholarship fund in their name during their lifetimes and an estate gift to their alma mater following their passing.
The James '36 and Jane Allen '36 Day Endowed Scholarship assists students with their varying educations at Alma.
"My parents used to get thank-you notes from students who received the scholarships, and most of the students went into detail about how they used their scholarship money," says Barbara. "My parents greatly enjoyed those notes. My Dad kept a box of those letters."
James majored in chemistry at Alma, while Jane studied library science. They were married in 1937 and then built a home in Midland. Jim worked for the Dow Chemical Company for 41 years. Jane started a career as a school librarian and teacher, but chose to devote herself to raising her children and supporting Jim in his career. They were parents to five children, grandparents to 10 grandchildren and great grandparents to 11 great grandchildren.
"We [the children] were all born in Michigan," says Barbara. "We moved to Connecticut when we were quite young, but we still had grandparents and extended family in Michigan and went back every summer for many years.
"At least a couple of times during those trips we stopped at Alma. Mom and Dad showed us where their dorms had been and the classroom buildings. They were always impressed with and enjoyed seeing the growth of the campus. They also would attend class reunions and felt bad when they could not attend. They maintained friendships with people they knew from Alma, with most of the connections lasting their whole lifetimes. They were steadfast in their loyalties.
"My parents were highly dedicated to Alma College. It saddened them when physically they could no longer travel to Michigan for special events. Our family hopes that their legacy - through their endowed scholarship fund - will live on at Alma by helping students obtain a fine education there."
When Jane passed away in January 2007, she provided a final gift to the College in her will.
"Bequests are the ultimate gifts, the lifeblood of the institution," says Bob Murray, director of planned giving. "The College has benefited from wise estate planning since the inception of the institution in 1886. We are always extremely grateful for the estate gifts we receive."
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
A charitable bequest is one or two sentences in your will or living trust that leave to Alma College 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 planBequest Language
I, [name], of [city, state ZIP] give, devise and bequeath to Alma College [written amount or percentage of the estate or description of property] for its unrestrictred 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 Alma 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 gift 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 receive an immediate federal income tax charitable deduction. 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 Alma as a lump sum.
You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 Alma 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 Alma where you agree to make a gift to Alma 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.