Doreen Lawton began attending Eastern Michigan University when she was 50 years old. Her dream was to earn a degree in arts education and teach art and music to elementary and middle school students. After earning her BS degree in 1988, that is exactly what she did.
"It was a wonderful career that allowed me to feel like I made a difference in students' lives by bringing art and music into their lives. I have always been a painter in my heart and it allowed me to share this joy and knowledge with young people. It makes me proud that my young granddaughter is now painting and hopes to study art one day."
Not only does Doreen enjoy painting but she enjoys the "art of giving" because it makes her feel good to know she is helping others.
Doreen decided to set up a scholarship in her husband's name at his place of employment so he could have a legacy that showed he cared about the company and the people who work there. She enjoyed meeting the recipients every year and decided to start a scholarship at Eastern after she graduated.
"I wanted to help students and see the benefits of my hard-earned money put to good use. I decided to set up an annuity which allows me to get income for life, get a charitable tax deduction and create a legacy by establishing a scholarship for students who want to study art at Eastern."
Setting up an annuity can be very easy transaction that can help people over the age of 70 achieve many retirement goals, just like Doreen. She now has peace of mind knowing her scholarship will be funded after her passing.
Doreen enjoys baking, going to art fairs, spending time with her children and grandchildren and visiting her second home on Grand Traverse Peninsula where she paints in her art studio.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
EMU Foundation is located at 112 Welch Hall, 850 W. Cross Street, Ypsilanti, MI 48197 Phone: 734.484.1322
A charitable bequest is one or two sentences in your will or living trust that leave to Eastern Michigan 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 Eastern Michigan University, a nonprofit corporation currently located at 112 Welch Hall, 850 W. Cross Street, Ypsilanti, MI 48197, 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 EMU 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 charitable lead 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 a charitable remainder unitrust 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 EMU as a lump sum.
You fund a charitable remainder annuity 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 EMU 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 EMU where you agree to make a gift to EMU 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.