Her Giving Nature Goes on Forever

Late Professor's Legacy Lives on Through Gift

Dorothy Schultz

Beloved faculty member Dorothy Schultz left a lasting impact for students with a gift in her will.

Dorothy Schultz was well loved by students, colleagues and friends, and is described as a soft spoken, incredible teacher who was considerate and fair.

Dorothy joined the faculty of the original Jackson Junior College as instructor of chemistry in September 1947. Seven of her 32 years at the college were spent as head of the Department of Chemistry. During one of the longest and most outstanding careers in the history of the College, she inspired countless students to pursue successful careers in chemistry and related areas.

Dorothy’s compassionate nature led her to be a faithful benefactor of Jackson College during her 32-year career and beyond. In 1979, the Dorothy Schultz Chemistry Scholarship was created to honor her emeritus status. Dorothy continued to make gifts to the scholarship fund over her lifetime, but SPRING 2017 Her Giving Nature Goes On Forever Late Professor’s Legacy Lives On Through Gift MARK MAKE YOUR Jackson College Foundation knew that by creating an estate gift, she could have an even greater impact on the lives of students.

By naming the Jackson College Foundation as a beneficiary of her trust, Dorothy has truly created an everlasting legacy. The scholarship, which is intended for chemistry students, honors her long-time tenure at Jackson College.

Despite Dorothy’s quiet and unassuming ways, she left a lasting influence on the students and colleagues with whom she worked.

Though Dorothy passed away in 2014, she will forever be remembered for her kindness and generosity.

Create Your Jackson College Legacy

If you would like to know how you, too, can create a lasting legacy at Jackson College, please contact Jennifer S. Brooket, CFRE at 517.990.1353  or jbrooket@jccmi.edu today.

A charitable bequest is one or two sentences in your will or living trust that leave to Jackson College 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

"I, [name], of [city, state, ZIP], give, devise and bequeath to Jackson College Foundation [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 JCF 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 JCF 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 JCF 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 JCF where you agree to make a gift to JCF 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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