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Leaving a Family Legacy

Drake Law School

The Smith family has been a decades-long benefactor of Drake Law School.

After returning to Drake from service in the Army during World War II, Clemens J. Smith received his law degree in 1946. More than 70 years later, Clemens' legacy remains at the University through the philanthropy carried out by his spouse, Ramona, three sons, and daughter.

The Smith sons have a special reason to continue the family's tradition of support for Drake Law School: They, too, are graduates.

The Smith family's support for Drake Law dates back decades. Clemens made a generous gift to support the construction of Cartwright Hall when it was built in the 1970s. Later, his family supported the building's remodel through the foundation that bears his name.

Son Mark Smith says his willingness to give back stems from a desire to "make the Law School a better place and maintain its focus and the standards it currently has."

Last year, Mark made a gift from the foundation to create the Clemens J. Smith Faculty Research Scholar position to support faculty teaching and research in the area of public policy. The recipient, Tony Gaughan, professor of law, is an expert in the areas of international and election law. He has used the funding provided by the position to share his research with others in his field. Most recently, he presented a paper at an international law conference at the University of Amsterdam in the Netherlands.

Dean Jerry Anderson says the opportunities created by named faculty research positions enhance the image and reputation of the Law School and enrich the information that professors share in their classes.

"In order to increase the Law School's national reputation, our professors need to do groundbreaking research and speak at symposia across the country," Anderson says. "Having this kind of support for our faculty is key."

If you would like to support the Law School, or help fund faculty scholarships in another department, please let us know. You may contact John Amato at john.amato@drake.edu or 515-271-2849 to discuss your options.

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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 give to Drake University, a nonprofit corporation currently located at 2507 University Ave., Des Moines, IA 50311, 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 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 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 Drake 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 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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