G.C. Bucy and Pam Lundy met when they were both students at Freed-Hardeman College in the late 1940s. After marriage, they both worked as educators. G.C. preached for churches of Christ and taught in the Nashville public schools. Pam taught for 30 years, the last 13 at Goodpasture Christian School in Madison, Tenn. When G.C. passed away in 1979, the couple had no children and Pam never re-married.
Many years ago, Pam made the decision to leave her entire estate ("little dab that it was" she sometimes said) to Freed-Hardeman University. She said, "Because we had no physical children, we decided to devote our lives to the education of young people."
When Pam passed away in 2010, the proceeds from her estate were used to purchase the Bucy Center, Freed-Hardeman's Memphis campus. President Joe Wiley spoke at the ribbon cutting of this facility. "We needed to do this," he said, "not only to be able to offer more classes and expand programs, but to tell the Memphis community that we are here to stay and that we are serious about serving the educational needs of this great city."
But Pam's legacy does not end there. G.C.'s brother, Bill Bucy, had no other family, so he had always planned to leave his estate to G.C. and Pam. When Pam left her entire estate to FHU, Bill decided to do the same, reasoning that if he had died first, Pam would have inherited his estate and then given it to Freed-Hardeman. Although Bill never attended Freed-Hardeman and never set foot on this campus, FHU received at his passing the largest estate gift in the history of the school, $6.3 million.
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 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 FHU 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 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.