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Kathryn Tyler

Kathryn TylerIt is probably not very often that a 90-year-old woman has a new perspective on life, but that is exactly what has happened with Freed-Hardeman University benefactor Kathryn Tyler.

Kathryn, 95, established a $1 million gift annuity after reading about the gift annuity rates in a FHU publication. "I figured it was better than letting it lie in the bank," Kathryn says.

A resident of Humboldt, Tenn., Kathryn believes strongly in the value of Christian education. She was instrumental in the development of Jackson Christian School in Jackson, Tenn., and has been heavily involved for years in the development of FHU and the student body through scholarship gifts, gifts to the benefit dinner and estate gifts. She has also helped several students individually with tuition. One of the newest dorms on the FHU campus, the Tyler Residence Hall, even bears her name.

"My husband and I decided, when our daughter died at the age of 12, we wanted to do something that would help children. We believe in Freed-Hardman University. We believe in what the university stands for and have done our best to ensure their future."

Kathryn and her husband were married in 1935. They owned and operated a store and hotel for many years, along with being quite active in real estate.

"I believe there is more in managing money than making money," Kathryn says. "If you don't manage it well, you might as well not have it. The Lord put us here to be good managers. We should all be good Christians and manage our lives well."

Her recent change in perspective has nothing to do with anything other than growing in wisdom. "Wherever I go, I'm the oldest one there. I'm the oldest one everywhere," Kathryn says. "But as I have grown older, I have noticed that everything has a meaning. Things that I used to take for granted now have a meaning. When we sing at church, those songs have much more meaning than they used to. Because of that, I knew what my husband and I decided to do many years ago had significant meaning for the students of Freed-Hardeman University. I wanted to go ahead and make our gift a reality."

One of the benefits of the charitable gift annuity to Freed-Hardeman is that a portion of the amount of the annuity can be counted as a gift to FHU, as this is the portion that will likely come to FHU at the death of the annuitant. Mrs. Tyler specified that she wanted the gift portion of her $1 million annuity to be designated for the Old Main Restoration Fund. The Old Main Restoration Fund has a goal of $5.5 million and will help FHU restore our historic administration building to be used as a general-purpose classroom building and preserved for generations to come.

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A charitable bequest is one or two sentences in your will or living trust that leave to Freed-Hardeman 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

"I give to Freed-Hardeman University, a nonprofit corporation currently located at 158 E. Main Street, Henderson, TN 38340, or its successor thereto, ______________* [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 FHU 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 FHU 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 FHU 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 FHU where you agree to make a gift to FHU 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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