An investment in knowledge

There are other ways to support Valencia, create student scholarships, and enhance education in our community. By naming Valencia College Foundation as a beneficiary through a will or amending a will with a codicil, you can make a commitment in support of education with your deferred donation.

There are other ways to support Valencia, create student scholarships, and enhance education in our community. By naming Valencia College Foundation as a beneficiary through a will or amending a will with a codicil, you can make a commitment in support of education with your deferred donation.

Valencia provides an authentic, learning-centered environment with giving, talented teaching and service-oriented professionals who care for and lead students to discover their greatest potential.

For more than 45 years, Valencia has swung open the doors of learning in Central Florida. We envision a day when no individual in our community is shut out of college because of family finances.

With your support, I believe this community can make this happen.

“An investment in knowledge always pays the best interest.”

-Benjamin Franklin

Philanthropy has built remarkable college institutions, cured deadly diseases and continues to fund research and facilities dedicated to our health and education.  This generosity also funds religious, environmental and social efforts globally and locally.

There are other ways to support Valencia, create student scholarships, and enhance education in our community.  By naming Valencia  College Foundation as a beneficiary through a will or amending a will with a codicil, you can make a commitment in support of education with your deferred donations.

 The truth is that while many are limited by the realities of a day-to-day budget, a little careful planning today makes it possible for almost anyone to do more in the future through a planned gift.

If you haven’t already, please consider supporting the Valencia Foundation with your learning legacy, your gift makes a real difference for the students we teach and serve every day.

If you would like more information on planned giving, sample bequest language or just have general scholarship questions please contact the Valencia Foundation at 407.582.3150 or e-mail foundation@valenciacollege.edu.

 

preparing for tomorow’s generations

When economic prospects look dismal it’s natural to focus on short-term, rather than long-term, goals. Our foundation board is committed to keeping both horizons in our line of sight so that we can serve today’s deserving student and prepare for tomorrow’s generations. 

We imagine a community in which family finances
never stand in the way of earning a college education.

As you plan for your family’s future, I invite you to use our new web site tools at www.VALENCIAGIVING.org, which may spark some creative thinking about how to maintain your legacy forever.

  • Make a bequest pledge that costs you nothing during your life.
  • Give a contribution that provides you lifetime income.
  • Preserve your estate for your heirs and provide years of income to Valencia.
  • Convert surplus life insurance coverage into an endowment.
  • Donate appreciated securities and realize larger tax savings than if you had used cash.

We welcome your feedback on our new online resources, designed to help you chart your charitable intentions, which can be found at www.VALENCIAGIVING.org. If you would prefer, our foundation team would be delighted to meet with you to discuss your philanthropic objectives and to explore how you and your family can benefit.

P.S. If you have already made Valencia Foundation a planned giving priority please let us know so that you can become a founding member of our new Legacy Society. Feel free to contact Donna Marino, CFRE at (407) 582-3128 to learn more.

leaving a legacy: planned and deferred giving

Your deferred donation can provide support to future Valencia College students. With planning, you have the opportunity to make a gift that will have a great impact and can leave a legacy of learning for future generations.

Bequests are the simplest form of a planned gift. By naming Valencia Foundation a beneficiary through your will or amending your will with a codicil, you are affirming a commitment to education. You can pledge today to leave a lasting legacy. There are three types from which you can select when creating or amending your will.

Below are definitions of each type of bequest and sample language that you and your lawyer may find helpful.

If you have already included Valencia Foundation in your estate plan, please contact us at (407) 582-3128 to become a part of the Valencia Legacy Society.

If you have already included Valencia Foundation in your estate plan, please contact us at (407) 582-3128 to become a part of the Valencia Legacy Society.

Bequest Type

Sample Language

Specific Bequest: A specific value or dollar amount named for a charitable gift by will. I give $_______ (specific amount or percentage) to Valencia Foundation, a not-for-profit, IRS approved 501(c)(3) corporation chartered in 1974, in support of (a specific area of interest).
Residuary Bequest: A residuary bequest will provide remaining / residuary property of the estate after all the special gifts designated in the will were made. I give and bequeath the residue of my estate to Valencia Foundation, a not-for-profit, IRS approved 501(c)(3) corporation chartered in 1974, to be used to further its purposes as the board of directors in their discretion may deem appropriate (or in support of a specific area of interest).
Contingent Bequest: This gift in your will depends upon an event which may or may not occur. Should your beneficiary pass on or disclaim the property, this contingency would ensure your estate is distributed as you requested. In the event that ___________(beneficiary) does not survive me, I give the rest, residue and remainder of my estate (or $_______ specific amount or percentage) to Valencia Foundation, a not-for-profit, IRS approved 501(c)(3) corporation chartered in 1974, to be used to further its purposes as the board of directors in their discretion may deem appropriate (or in support of a specific area of interest).

We welcome your feedback on our online resources, designed to help you chart your charitable intentions, which can be found at www.VALENCIAGIVING.org.

If you would prefer, our foundation team would be delighted to meet with you to discuss your philanthropic objectives and to explore how you and your family can benefit. Please feel free to contact the foundation at 407-582-3150 with questions.

donor spotlight: george and viola mcloughlin

George and Viola McLoughlin with their daughter, Priscilla, at the unveiling of a sculpture in memory of their son, Michael.

Concept, Control and Communication.

A musician, George calls these principles “The Three C’s of Conducting” and they apply to just about any endeavor beyond the symphony. He says, “If you have a concept of where you want to arrive and what needs to be done to reach that goal, then it’s just a matter of communication. Otherwise, you are wasting people’s time.”

And just about the worst thing you can do to George is waste his time. Having celebrated nine decades, he notes with a smile, “The less of it you have left, the more serious it becomes.” His wife adds, “Seize the day. Carpe diem!”

An accomplished pianist and trombone player, George also conducts and arranges music. He has led choirs and still plays trombone with the Maitland Symphony. Receiving his bachelor of music degree from Boston University, he received a doctor of education degree with a minor in music education from the University of Kentucky. Viola earned a secretarial degree and was an executive assistant in New York. When George was teaching at Asbury College, his bride made the decision to return to school. Viola admits it was a struggle, especially with two little children, but she obtained her bachelor’s degree in elementary education from Asbury and her master’s degree in education from Rollins College. She taught elementary school in Seminole County, working her way up to becoming assistant principal at Red Bug Lake Elementary

Married since 1953, George and Viola met when they were working at a Massachusetts camp. George served in the Navy’s Amphibious Forces in the Pacific and occupied Japan. While teaching at Asbury, George earned his doctorate from the University of Kentucky, with a dissertation focusing on community college teaching and success

Valencia brought them to Florida during the height of the community college movement, which was transforming the academic paradigm to one of open access. His wife notes today, “George, you’ve always said that the community college is the best idea going.”

He agrees. “The community college is for teaching. It is student oriented rather than research or even sports oriented. It is teaching oriented.” George taught humanities at Valencia from 1969 until 1985, offering the opportunity to touch the lives of many students. Viola recounts a story of two international students he had assisted, who one night, knocked at the door. “Here were these two students, husband and wife, no car. I don’t know how they walked. And they’re holding a complete dinner of Vietnamese food to say thank you. It was a beautiful gesture. They thought of everything, a little dish of this kind of food, even around to the dessert and appetizer. It was very moving to me.” George had the kind of impact in the classroom that merited this sort of gratitude from his students

The McLoughlin’s owned an apartment complex in downtown Orlando. Upon George’s retirement, they donated the property to establish a gift annuity. Through this annuity, they created an endowed Valencia scholarship for non-traditional, disadvantaged students who might not qualify for any other aid

George has described his endowment as a last chance for individuals who might have a spotty academic record, abuse victims, recovering substance abusers, the homeless, those undergoing career change, single parents, victims of tragic circumstances, juvenile offenders and those seeking re-entry to the community after incarceration. The reason for targeting these populations was simple: to fill in the gap, and to offer hope and a hand up for students in whom few others are willing to invest

It is a spirit that they have instilled in their daughter, Priscilla, a professional who assists people in recovery at the Center for Drug Free Living. The couple spent the last 20 years enjoying the serendipity of retirement and celebrating many milestones, like George’s 90th birthday. Their adventures included a spontaneous, free-spirited trip to England for which they purchased only rail and plane tickets, “bumming around with no reservations,” and enjoying plays and local inns. Viola jokes about being on the “Today” show to celebrate her 100th birthday. She says she will share her wisdom for a long, fulfilling existence. “Live a thankful life. Take your religion seriously. And don’t say everything that enters your head! I think that covers a lot.”

And for this delightful pair, there is still a lot to cover, more family celebrations, new journeys, and additional students who just need one person to believe in – and invest in them. In addition to their personal and professional accomplishments and their beautiful daughter, George and Viola have left a legacy at Valencia that will endure forever, in perpetuity.

nursing professor susie boatman forehand retires

Valencia Nursing Professor Susie Boatman Forehand Retires

After 35 years of hard work and dedication, we would like to announce the retirement of Valencia nursing professor Susie Forehand (she began at Valencia November 11, 1976).  Susie has been an advocate for quality nursing education all of her life. At Valencia, Susie’s dedication to students is exemplified in her contributions to nursing. She has educated and nurtured thousands of students who have gone out into the community to serve with her same dedication, preparing numerous men and women for a career in nursing.

Many will tell you that Susie is a hard professor, but she says she just expects the best from her Valencia students. Her students have been given a gift of an education that they will never forget. Many graduates return to see Susie and say, ‘thank you for teaching me how to be a great nurse.’  Susie’s commitment to excellence and service continue and will forever remain her legacy at Valencia College.

In lieu of gifts or an elaborate retirement celebration, Professor Susie Boatman Foreman requested donations to support current and future nursing student scholarships at Valencia. Should you wish to make a contribution please visit online at: https://donate.valencia.org/susie

Her nurturing character has extended over many years.  In the early 1960s Susie participated in the Civil Rights movement during the Dr. Martin Luther King era of peaceful protest.  In our own Orange County, Susie participated in passive marches, sit-ins and demonstrations that untimely resulted in “black & white” signs removed and local lunch counters open to serve all patrons.

She continued to explore new cultures by traveling the world and covering five continents in 11 years.  These visits to Hong Kong, Spain, Greece, Mexico and England expanded her passion for inclusion.  In addition, her travels have extended to six countries in Africa: Nigeria, Kenya, Ivory Coast, Ethiopia, Senegal, and the Congo.

Susie’s good work has been recognized within our community through a number of awards including Nursing Excellence, Nursing Educator Award, Instructor of the Year and nominations as Woman of the Year.  Although Susie Forehand is retiring, her commitment to nursing students at Valencia College will continue with your support.

In lieu of gifts or an elaborate celebration, Susie requested donations for current and future nursing student scholarships at Valencia.

We hope you will join us in honoring Susie’s milestone with a contribution reflecting her commitment to educating future nursing professionals at Valencia College.

Should you wish to make a donation please visit us online at: https://donate.valencia.org/Susie

leaving a legacy through planned giving

Secure your future while doing the same for students.

Your deferred donation can provide support to future Valencia students.
Bequests are the simplest form of a planned gift, by naming Valencia Foundation a beneficiary through your will or amending your will with a codicil, you are affirming a commitment to education. You can pledge today to leave a lasting legacy. There are three types from which you can select when creating or amending your will. Below are definitions of each type of bequest and sample language that you and your lawyer may find helpful.

Bequest Type

Sample Language
 

Specific Bequest:A specific value or dollar amount named for a charitable gift by will. I give $_______ (specific amount or percentage) to Valencia Foundation, a not-for-profit, IRS approved 501(c)(3) corporation chartered in 1974, in support of (a specific area of interest). 
Residuary Bequest:A residuary bequest will provide remaining / residuary property of the estate after all the special gifts designated in the will were made. I give and bequeath the residue of my estate to Valencia Foundation, a not-for-profit, IRS approved 501(c)(3) corporation chartered in 1974, to be used to further its purposes as the board of directors in their discretion may deem appropriate (or in support of a specific area of interest). 
Contingent Bequest:This gift in your will depends upon an event which may or may not occur. Should your beneficiary pass on or disclaim the property, this contingency would ensure your estate is distributed as you requested. In the event that ___________(beneficiary) does not survive me, I give the rest, residue and remainder of my estate (or $_______ specific amount or percentage) to Valencia Foundation, a not-for-profit, IRS approved 501(c)(3) corporation chartered in 1974, to be used to further its purposes as the board of directors in their discretion may deem appropriate (or in support of a specific area of interest).

We welcome your feedback on our online resources, designed to help you chart your charitable intentions, which can be found at www.VALENCIAGIVING.org.

If you would prefer, our foundation team would be delighted to meet with you to discuss your philanthropic objectives and to explore how you and your family can benefit.

looking to the future


When economic prospects look dismal it’s natural to focus on short-term, rather than long-term, goals. Our foundation board is committed to keeping both horizons in our line of sight so that we can serve today’s deserving student and prepare for tomorrow’s generations. 

We imagine a community in which family finances
never stand in the way of earning a college education. 

As you plan for your family’s future, I invite you to use our web site tools at www.VALENCIAGIVING.org, which may spark some creative thinking about how to maintain your legacy forever. 

  • Make a bequest pledge that costs you nothing during your life.
  • Give a contribution that provides you lifetime income.
  • Preserve your estate for your heirs and provide years of income to Valencia.
  • Convert surplus life insurance coverage into an endowment.
  • Donate appreciated securities and realize larger tax savings than if you had used cash.

We welcome your feedback on our new online resources, designed to help you chart your charitable intentions, which can be found at www.VALENCIAGIVING.org. If you would prefer, our foundation team would be delighted to meet with you to discuss your philanthropic objectives and to explore how you and your family can benefit.

Warmly,
Geraldine Gallagher, CFRE
President and CEO

P.S. If you have already made Valencia Foundation a planned giving priority please let us know so that you can become a founding member of our new Legacy Society. Feel free to contact Donna Marino at (407) 582-3128 to learn more.

philanthropy: creating a legacy of learning

There are other ways to support Valencia, create student scholarships, and enhance education in our community. By naming Valencia Community College Foundation as a beneficiary through a will or amending a will with a codicil, you can make a commitment in support of education with your deferred donation.

Philanthropy has built remarkable college institutions, cured deadly diseases and continues to fund research and facilities dedicated to our health and education.  This generosity also funds religious, environmental and social efforts globally and locally.

The truth is that while many are limited by the realities of a day-to-day budget, a little careful planning today makes it possible for almost anyone to do more in the future through a planned gift. 

There are other ways to support Valencia, create student scholarships, and enhance education in our community.  By naming Valencia Community College Foundation as a beneficiary through a will or amending a will with a codicil, you can make a commitment in support of education with your deferred donation.

Valencia provides an authentic, learning-centered environment with giving, talented teaching and service-oriented professionals who care for and lead students to discover their greatest potential. 

If you haven’t already, please consider supporting the Valencia Foundation with your learning legacy, your gift makes a real difference for the students we teach and serve every day.

If you would like more information on planned giving, sample bequest language, completing a legacy gift form or just have general scholarship questions please contact Donna Marino at 407.582.3128 or e-mail dmarino@valenciacc.edu.

For more than 40 years, Valencia has swung open the doors of learning in Central Florida. We envision a day when no individual in our community is shut out of college because of family finances.

With your support, I believe this community can make that happen.

gifts of stock for students

If you're considering a major gift to the Valencia Foundation or planning your end-of-year gift, a gift of public company stock to charity provides two major benefits. First, there is a charitable deduction for the value of the stock. Second, the charity does not pay tax on the sale of the stock and you, therefore, bypass the capital gain.

What will the market do this year? Perhaps the best answer is, “It will go up and down.” Stock returns vary to a significant degree each year. However, long-term stock returns have been reasonably substantial.

Between 1990 and 2010, the average stock return was about 6%. While there was a very substantial increase during 1990-2000 and decreases during 2002 and 2008, the total return over two decades was approximately 6%.

Longer holding periods have generally resulted in higher total returns. The total stock return for seven decades between 1940 and 2010 was in excess of 10%. Returns for long periods of time have paralleled this amount.

You can select to support education in our community! Because many stocks have increased in value over time, you may hold stocks with substantial appreciation.  If you’re considering a major gift or end-of-year gift, a gift of public company stock to support education through the Valencia Foundation provides two major benefits. First, there is a charitable deduction for the value of the stock. Second, the charity does not pay tax on the sale of the stock and you, therefore, bypass the capital gain. 

Click here for a video and example of this process.

Two fairly common reasons for making a substantial gift of stock are that you may have sold an appreciated asset with a large capital gain or you have good income. If you have a large gain or substantial income, you may want to offset that gain or income with a charitable deduction through a gift of stock. Because you receive both the charitable deduction and a bypass of capital gains tax, there is a double benefit for your gift of stock.

How to Make a Stock Gift

If you would like to make a gift of stock to support students through the Valencia Foundation, please call 407/582-3150 for assistance or to have your questions answered about this process.

Most stock is held in an account at a brokerage firm. Relatively few people now wish to hold the actual certificates in their safety deposit box. If you hold actual certificates, you may mail the certificate and a signed stock power in separate envelopes to the charity. Because most stock is held by the brokerage firm, the stock is transferred directly from the account at the brokerage firm to an account for the charity.

Source: © Copyright 1999-2010 Crescendo Interactive, Inc.

giving opportunities: legacy society

If you have already included Valencia Foundation in your estate plan, please contact the foundation at (407) 582-3128 to become a part of the Valencia Legacy Society.

Valencia Legacy Society

There are other ways to support Valencia, create student scholarships, and enhance education in our community.  By naming Valencia Community College Foundation as a beneficiary through a will or amending a will with a codicil, you can make a commitment in support of education through your future donation!

If you would like more information on planned giving, sample bequest language, completing a legacy gift form or just have general scholarship questions please contact Donna Marino at 407.582.3128 or e-mail dmarino@valenciacc.edu.

Your generosity matters to students now and in the future. Consider the words of the Honorable Charles D. Gill “There are many wonderful things that will never be done if you do not do them.”

If you have already included Valencia Foundation in your estate plan, please contact the foundation at (407) 582-3128 to become a part of the Valencia Legacy Society.

foundation f.a.q for you

faq

FAQ's for you!

Want to know more about the Valencia Foundation and how we support Valencia Community College?  F.A.Qs for you are provided so you can be one of Those-in-the-Know.

What is the Valencia Foundation?
The foundation is a separate, not-for-profit, IRS approved 501(c)(3) corporation chartered in 1974 to provide financially for the educational needs of Valencia that cannot be met through state aid or student tuition income.

What does the Valencia Foundation do?
The office coordinates campaigns that help Valencia Community College provide a range of benefits, including scholarships, new technology, facilities, faculty improvements, and special programs. Nearly 60 community leaders volunteer generously of their time, talent, and resources by serving on the board of directors.

Can I tell the foundation how to spend my money?
Yes, you can tell our foundation how to utilize your donation by making a restricted gift.   *Please see the next question and answer for more information about restricted and unrestricted gifts.

What is the difference between a restricted gift and an unrestricted gift?
If you make a restricted gift, also known as a designated gift, you can direct your contribution to a specific scholarship, academic program, or any other special need. If you make an unrestricted gift—one with no restrictions on its use—you give Valencia the ability to apply funds where students need them most, including taking advantage of unexpected opportunities and meeting unforeseen challenges.

Will I receive tax benefits for my gift?
Yes, in most cases, the college’s supporters can deduct gifts from their taxes. Besides making direct, one-time contributions, you may also want to consider the long-term tax and estate-planning benefits of giving through annuities, trusts, and other financial tools.

Can I make a gift in honor or memory of someone?
Yes. As a tribute to a friend, colleague, mentor, family member, or anyone else, you can give in a person’s name.

How can I double or even triple my contribution?
Check with the human resources office at your company to see if it offers a matching funds program. More than 1,200 corporations have programs that match employees’ gifts to organizations like Valencia Community College.

What is a planned gift?
A planned gift is an arrangement to make a contribution to the Valencia Foundation, usually in the future. Annuities, trusts, and bequests in a will are examples of planned gifts. For more information, please visit our planned giving website at www.valenciagiving.org or contact Donna Marino at (407) 582-3128.

What is an outright gift?
An outright gift is an immediate, direct contribution, usually consisting of cash, real estate, or securities. 

Are there any advantages to making an outright gift?
Yes!  In fact, the advantages of making an outright gift are many… Valencia now offers more than 50 pre-major associate of arts, over 100 associate in science and applied science degrees and certificate programs: most programs lead to immediate entry into the workforce.

When you make an outright gift of cash, property, securities, or other assets to the Valencia Foundation,

  • You provide instant assistance to the college and gain an immediate tax deduction.
  • You usually get a charitable deduction for the full cost of the gift in the year you make it.
  • It’s an easy, efficient way to support a cause you believe in.
  • There are no complex financial documents to fill out.
  • You get the satisfaction of offering direct financial help that furthers Valencia’s mission of reaching out to potential students and providing affordable, accessible learning opportunities.
  • You receive other benefits depending on the type of gift: cash, real estate, or appreciated securities.

Because most Valencia Foundation benefactors make an outright gift of cash, the foundation has established several convenient ways for you to provide that support, including a check or credit card.

Are all gifts useful?
Yes, gifts of all amounts are deeply appreciated no matter how large or modest. Added to other gifts, any one gift combined has a large impact. Any gift demonstrates your concern for educational excellence at Valencia.

Can I make a gift online?
Yes. It’s quick, easy and secure through our online registration form at Make a Donation.

What is an Annual Fund?
An Annual Fund is a yearly campaign that raises resources for student scholarships and college programs and establishes a vehicle for Valencia to broaden its base of support. The rental income from the foundation’s real estate investments cover most of the foundation’s operating and fund-raising expenses, ensuring that 100 percent of donations are used exclusively for our donors’ intended purpose.

What is the Capital Campaign?
The Capital Campaign is a special campaign for new investments in people, programs, technology, and facilities for Valencia.

Where can I get more information?
Contact the Valencia Foundation at 190 S. Orange Ave, Orlando, FL 32804; (407) 582-3150 or by emailing the foundation at foundation@valenciacc.edu

dmarino orig posting 09/09

donor spotlight: Helen Von Dolteren-Fournier, Esq.

Helen created the Valencia/UCF Frances Millican 2+2 Scholarship in 2007.

Helen’s roots in philanthropy and community run deep in Central Florida. She plays an indispensable role as one of Valencia Foundation’s key leaders and is the longest and among the top contributors. Her history as a volunteer at Valencia goes back more than fifteen years when she became involved with Valencia’s displaced homemakers program in the 1990s. Valencia Foundation’s board chair since 2008, Helen has helped the foundation thrive through even the most challenging of circumstances.

Under her leadership as chair of the board’s finance committee, Valencia Foundation implemented a new, comprehensive investment policy, revised financial policies, addressed audit issues, developed new financial strategies and continued to raise monies, meeting a $2.5 million first year external funding goal and more than $31 million in seven years. Under her leadership, the endowment has increased from $15.8 million in 2001 to more than $60 million in 2008. As head of the Valencia planned giving committee, Helen offers her professional guidance as a volunteer to field financial questions from donors and partners. In 2003, she spearheaded a campaign to raise $50,000 to name Valencia’s gallery in memory of a gifted faculty member, Anita Wooten.

Her personal contributions support the arts, women in transition, Valencia’s paralegal program and honors college, the Association of American Women in Community Colleges and scholarships that support access for all. She is gifted at cultivating new donations, bringing in American Express, BENCOR Inc. and other major corporations in support of the foundation. A master of nurturing new relationships, Helen uses the foundation’s special events as an opportunity to gather dozens of friends and colleagues and expose them to the goodness of Valencia – throughout the years, they have all become donors.

As an estate planning attorney and certified financial planner, she is in a unique position to help people reassess their priorities by giving to a cause whose mission the individual shares. In fact, she makes this a part of every presentation to show how charitable giving not only feels good but it also makes good fiscal sense. Her savvy in uniting people for collaboration has been of great benefit to Valencia and the foundation.

Helen created the Frances Millican Two Plus Two Scholarship in 2007, named in honor of the wife of UCF’s founding president, to help build a financial bridge for Valencia students to the University of Central Florida (UCF). And she created the Legal Eagles Pathway Scholarship in honor of her law school graduation, which funds students from Valencia through UCF and Barry University School of Law. 

Helen is a professional with great expertise who is willing to do whatever it takes. In the words of Valencia Community College’s president, Dr. Sanford Shugart, “Valencia Foundation is honored to have the passion, knowledge and friendship of this one-of-a-kind treasure.”

without a will: who gets what?

Dear Savvy Living,
What will happen to my property and money if I die without a will? 
— Don’t Have Much

Click here for a free guide to wills and trusts from the Valencia Foundation.

 Jim Miller, a regular contributor to the NBC Today Show and author of “The Savvy Senior” book accepts questions on senior issues at: Savvy Senior, P.O. Box 5443, Norman, OK 73070.  Below is his response to “Mr. Don’t Have Much”  

Dear Don’t Have Much,  

If you die without a will, what happens to your assets will depend on the state you live in and which of your family members are living at the time of your death. Here’s what you should know.  

No one ever really dies without a will. That’s because even if you don’t get around to creating one yourself, the state you resided in will make one for you. But that also means the state gets to determine who gets your property and money – not you.  

The state laws that determine how your estate will be distributed if you die without a will are called intestacy laws and they can vary greatly from state-to-state. The best way to find out how your state works is to go to MyStateWill.com. This is a free, user-friendly site that has an intestacy calculator for every state so you can get an exact breakdown of how your estate would be distributed.  

In the meantime, here is a general (not state-specific) breakdown of what can happen to a person’s assets – depending on who they leave behind.  

Who Gets What  

  • Married with children: When a married person with children dies without a will, all property, investments and financial accounts that are jointly held automatically go to the surviving spouse. This transfer takes place without going through probate, which is the legal process that distributes a deceased person’s assets. But for all other separately owned property or individual financial accounts, the laws of most states award one-third to one-half to the surviving spouse, while the rest goes to the children.

   

  • Married with no children or grandchildren: Some states award the entire estate to the surviving spouse or everything up to a certain amount (for example the first $200,000). But many other states award only one-third to one-half of the decedent’s separately owned assets to the surviving spouse with the remainder generally going to the deceased person’s parents, or if the parents are dead, to brothers and sisters. (Note: Jointly owned property, investments, financial accounts, or community property automatically go to the surviving spouse.)

   

  • Single with children: State laws provide that the entire estate goes to the children in equal shares. If an adult child of the decedent has died, then that child’s children (the decedent’s grandchildren) split their parent’s share.

   

  • Single with no children: In this situation, most state laws favor the deceased person’s parents. If both parents are deceased, many states divide the property among the brothers and sisters, or if they are not living, their children (your nieces and nephews). If there are none of them, it goes to the next of kin. If there is no living family, the state takes it.

Simple Wills  

If you don’t like the idea of your state handling your financial affairs after you’re gone, you can change that by contacting your favorite charity.  

__  

If you would like to update your plan, please feel free to contact the Valenica Foundation at 407/582-3150 or visit online at www.valenciagiving.org or click here for a free guide to wills and trusts. 

house passed tax extenders bill

On December 9, 2009, the House of Representatives passed the Tax Extenders Act of 2009. The $31 billion bill will extend over 40 tax provisions from 2009 to the end of 2010. Major tax provisions include extension of the research and development credit, the teachers’ supplies deduction and seven charitable provisions.

There are seven charitable provisions in the extenders bill. These are as follows:

  1. IRA Charitable Rollover — Distributions will be permitted up to $100,000 per year for IRA owners directly from the IRA to charity.
  2. Food Inventory Gifts — Businesses may give food inventory to charity and receive an enhanced deduction for gifts of apparently wholesome food.
  3. Computer Equipment — Corporations may receive an enhanced deduction for gifts of computers to educational organizations.
  4. Book Inventory — Corporations may receive enhanced deductions for gifts of books to elementary and secondary schools.
  5. Subchapter S Corporations — A Subchapter S corporation may gift appreciated property and the shareholder benefits from the full deduction.
  6. Conservation Property — Gifts of conservation property qualify for expanded deductions and longer carry-forwards.
  7. Rent Payments to Parent Charities — Fair value rent payments by subsidiaries will not be unrelated taxable income to the parent charity.

Editors Note: This list of tax extenders is nearly certain to be passed by both House and Senate. However, because the Senate has in the past objected to these revenue-raising provisions, it may be 2010 before the final extenders bill is passed.

For more information please visit Valencia Planned Giving website.

bequest for students with a spark

"That "spark" I've seen is the determination and focus of an individual who KNOWS the value of an education and hopes for more."

"That "spark" I've seen is the determination and focus of an individual who KNOWS the value of an education and hopes for more."

Patti Riva, a Valencia employee, chose to make a willed bequest leaving a portion of her estate to the Valencia Foundation. When asked to share why she became a Legacy Society member, Patti reflected on the joy she’s known from being a spectator to the actions of determined students:

“In my position at Valencia, I have witnessed a spark in certain students; the spark of determination. These students have a burning need to be and experience more for themselves. To provide more for their family, give more to their community, and grow more within a career. Those same determined students have financial need as they attempt to balance the fiscal responsibilities that all of us share coupled with tuition, books, and lab fees.

It is when this spark of determination is ignited with financial aid through a scholarship that I’ve seen amazing results. I hope to be a resource in providing other students with an opportunity to fulfill their burning desire to succeed. That “spark” I’ve seen is the determination and focus of an individual who KNOWS the value of an education and hopes for more.

Whether it’s from a Valencia staff member or faculty member providing encouragement and support or scholarships from the Foundation to lighten their financial obligations, many an individual has surpassed their scholastic expectations.

I want to ignite other students by providing more students with the value of education as my legacy. My legacy gift will continue the possibilities of more incredible opportunities provided through an education at Valencia.”