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Evaluating Your Legacy

Growing up in a Chicago suburb, Wayne Whitehill, FA '61, caught the acting bug early. His interest in theatre brought him to Drake, where he received a small scholarship. 

"My time at Drake was four of the happiest years of my life," Whitehill shared. "I was constantly busy, doing what I loved to do most. I had my own radio show and loved working and performing in theatre productions. I made lifelong friends. Drake helped me realize the possibilities and wonder about all life had to offer if you were prepared and willing to work for it." 

Over the years, Whitehill continued to keep in touch with his college friends and professors and regularly supported the annual fund. After graduation, he pursued his passion for theatre. He worked during the day as a legal secretary in a busy law practice and in the evenings and on weekends, he pursued his dreams on the stage or movie screen, landing parts in notable productions and large-screen movies, including Network and The Wiz. 

Today, Whitehill remains active in the theatre community. Clearly, his love of performing arts is still an important part of his life—and so is Drake. 

This past spring, Whitehill returned to campus to celebrate his 50th class reunion. He especially enjoyed commencement, when he and the other members of the 50-year club led in the undergraduate Class of 2011. 

A Crucial Question 
During the ceremony, John and Mary Pappajohn, two well-known philanthropists, were given honorary degrees in recognition of their extraordinary support of educational opportunities, entrepreneurial development and art appreciation initiatives. Their philanthropy and dedication to Drake inspired Whitehill to evaluate his own legacy and face the crucial question of: After I'm gone, how will my hard-earned savings support the areas that were truly meaningful to me and representative of the life I lived? 

After visiting with a member of Drake's development staff and his attorney, it became clear Whitehill could support Drake University and the Westport Country Playhouse, another organization near and dear to him, by bequeathing a percentage of his estate to both organizations upon his death. This allowed him to craft his legacy without giving up assets he may need today. 

Wayne worked with members of the development staff to determine the language for his estate commitment to establish a scholarship in honor of his former professor of theatre, James Fiderlick. It was a quick and simple process, and now Whitehill knows what his legacy will be. 

"As a newly minted member of the 50-year club, I felt it was important to share what I could with current and future students to help ease their financial burdens. I want them to have happy, successful experiences at Drake, just as I enjoyed them. It's a wonderful feeling to pay it forward; I suggest anyone who can do so, does!" Growing up in a Chicago suburb, Wayne Whitehill, FA '61, caught the acting bug early. His interest in theatre brought him to Drake, where he received a small scholarship. 

"My time at Drake was four of the happiest years of my life," Whitehill shared. "I was constantly busy, doing what I loved to do most. I had my own radio show and loved working and performing in theatre productions. I made lifelong friends. Drake helped me realize the possibilities and wonder about all life had to offer if you were prepared and willing to work for it." 

Over the years, Whitehill continued to keep in touch with his college friends and professors and regularly supported the annual fund. After graduation, he pursued his passion for theatre. He worked during the day as a legal secretary in a busy law practice and in the evenings and on weekends, he pursued his dreams on the stage or movie screen, landing parts in notable productions and large-screen movies, including Network and The Wiz. 

Today, Whitehill remains active in the theatre community. Clearly, his love of performing arts is still an important part of his life—and so is Drake. 

This past spring, Whitehill returned to campus to celebrate his 50th class reunion. He especially enjoyed commencement, when he and the other members of the 50-year club led in the undergraduate Class of 2011. 

A Crucial Question 
During the ceremony, John and Mary Pappajohn, two well-known philanthropists, were given honorary degrees in recognition of their extraordinary support of educational opportunities, entrepreneurial development and art appreciation initiatives. Their philanthropy and dedication to Drake inspired Whitehill to evaluate his own legacy and face the crucial question of: After I'm gone, how will my hard-earned savings support the areas that were truly meaningful to me and representative of the life I lived? 

After visiting with a member of Drake's development staff and his attorney, it became clear Whitehill could support Drake University and the Westport Country Playhouse, another organization near and dear to him, by bequeathing a percentage of his estate to both organizations upon his death. This allowed him to craft his legacy without giving up assets he may need today. 

Wayne worked with members of the development staff to determine the language for his estate commitment to establish a scholarship in honor of his former professor of theatre, James Fiderlick. It was a quick and simple process, and now Whitehill knows what his legacy will be. 

"As a newly minted member of the 50-year club, I felt it was important to share what I could with current and future students to help ease their financial burdens. I want them to have happy, successful experiences at Drake, just as I enjoyed them. It's a wonderful feeling to pay it forward; I suggest anyone who can do so, does!" 

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A charitable bequest is one or two sentences in your will or living trust that leave to Drake 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, [name], of [city, state, ZIP], give, devise and bequeath to Drake University [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 Drake 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 Drake 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 Drake 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 Drake where you agree to make a gift to Drake 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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