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Making a Favorable Sacrifice

Caroline Bettis, LW'12, was so grateful for those who made it possible for her to attend law school that she decided to give back. As a result, the Perlito Public Service Endowment was created, and scholarships will be awarded in honor of retired Judge Ruth Klotz, BN'54, LW'55.

Bettis worked to establish the award with the Class of 2012, Drake Law Women, and the 2012 and 2013 Student Bar Association (SBA).

"Prior to the beginning of my final year of law school, I began thinking about all the great experiences and opportunities Drake Law provided to its students," Bettis says. "For how much Drake Law gave us as a class, I felt we owed something in return. The education and opportunities the Class of 2012 received over three years allowed so many of us to go out into the world and make our dreams a reality."

What's in a Name?
When naming the endowment, the students decided to use the Latin word "perlito," which means "to make a favorable sacrifice." Because the funding for the endowment came from a variety of sources, this title reflects the partnership of the individuals and organizations that came together to make this scholarship possible.

Recipients will be individuals who are pursuing public good at their own expense. When the scholarships are awarded they will be known as the Honorable Ruth B. Klotz Scholars, recognizing Klotz's lifetime of public service. Klotz retired earlier this year at the age of 90.

Make a Contribution 
If you are interested in supporting Drake's students and programs, please contact John Amato at 515-271-2849 or to learn about your many opportunities today.

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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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