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When Did You Create Your Estate Plan?

Alumnus Shows It Is Never Too Early to Plan for the Future

Marshall Blaine

Marshall Blaine ’98 with his wife, Theresa, and their two sons, George and Jensen.

After the birth of their first child, Marshall and his wife, Theresa, created their will and included a plan that would take care of their children and honor their values through charitable gifts.

“What drives my charitable giving is that I want to help those who are less fortunate,” Marshall says, “and I want to give back to organizations that I have benefited from.”

Marshall says his experiences at the University of Northern Iowa have contributed to his success, and scholarships helped make his education possible. The gift through his will is his way of paying it forward. “I would like to think my gift will assist future students in the same way,” he says.

For Marshall, some of the best memories of his college days are from running on the UNI track and field and cross country teams. He enjoyed the camaraderie with teammates, representing UNI, winning championships and improving his performances.

UNI purple runs in the Blaine family. Marshall’s father, Tom Blaine ’81, is a student teaching instructor for UNI in the Des Moines area. His sister, Erin Vinson ’98, is a health actuary and lives in Nashville with her husband and two sons.

Marshall also works as a health actuary. He grew up in Iowa and graduated from UNI in 1998 with majors in math and economics. Today he lives in Seattle, Washington, and enjoys music, sports, running and traveling. Marshall and Theresa also keep busy with their two young sons, George and Jensen, and look forward to the arrival of their daughter this summer.

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A charitable bequest is one or two sentences in your will or living trust that leave to the University of Northern Iowa Foundation 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 Northern Iowa Foundation, an
Iowa nonprofit corporation of Cedar Falls, Iowa, [written amount or percentage
of the estate or description of property] to be used for such purposes as the
Board of Trustees may determine."

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 UNI Foundation 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 UNI Foundation 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 UNI Foundation 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 UNI Foundation where you agree to make a gift to the UNI Foundation 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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