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Gift Planning

Charitable Remainder Unitrusts--Joan and George Parker '60


Joan & George Parker pause to enjoy their surroundings, Sawtooth Lake, near Sun Valley, Idaho.

With a laugh, George Parker says, "I was probably about six or eight before I realized the world was not entirely populated by Quakers." Growing up at the Westtown Friends School in Pennsylvania, where his parents were teachers, gave his young life a certain "cocoon-like" quality full of Friends' values. During high school, his family moved from Westtown to Southern California where he met his wife Joan. They have been married 48 years.

For generations, his Quaker forebears were either in business or teaching. And when it came time for college, George by-passed the family tradition of attending Earlham College and, with his parents' encouragement, applied to Haverford and Swarthmore. Accepted by both, he chose Haverford. He says, "it was rather pre-ordained that I would attend a Quaker college. Haverford was the perfect fit".

At Haverford, George took economics courses from Howard Teaf and Holland Hunter, both Quaker professors of economics. George was always impressed by the rich history of Quakers in business exemplified by Quaker companies such as Cadburys, Clarks Shoes, Barclay's Bank in the UK and numerous Quaker companies in the Philadelphia area.

After graduating in 1960, George completed his MBA at Stanford University with a focus on corporate finance. At the time, the military draft was still in place, and he served two years alternative service in the Peace Corps in Peru. With his wife, Joan, at his side, George worked with credit unions and the funding of small businesses in the Andes.

His next path was a brief stint as a banker in Bakersfield, California. George might have stayed in banking but the urge to teach was still within him. He returned to Stanford to earn his Ph.D. in finance at the Graduate School of Business.

George Parker has had a distinguished career at Stanford where he's taught countless MBA courses and has been heavily involved in teaching executive programs in the summer. As the Dean Witter Distinguished Professor of Finance, Emeritus, George still teaches and next year he'll head a major executive program in Shanghai. The balance of George's professional life is taken up by membership on five public company boards of directors including Continental Airlines and Barclay's Bank mutual funds. During the 1980's George served several terms on Haverford's Board of Managers.

Last year, in recognition of his 35 years of teaching and his time as academic Director of the MBA Program, George was extraordinarily honored by his previous students and other friends who contributed $4 million to endow the George G. C. Parker Chair in Finance at the Graduate School of Business.

The Parkers enjoy a second home in Sun Valley, Idaho, horseback riding, and time with their two sons and five grandsons who live nearby in the San Francisco Bay Area. Travel figures heavily in their lives as they've made many trips to Africa, Asia and Latin America, including several visits to their beloved Peru.

George readily acknowledges the influence Haverford College had on his life and many of the choices he's made. One choice has been to support his alma mater with a Charitable Unitrust. As a professor of finance, he heartily recommends this planned giving vehicle because, "it provides income to my wife and me during our lifetime and benefits the College after we're gone."

If you encounter George and Joan at a Haverford reunion, watch out! They may just bend your ear about including the College in your estate plans. To them, that's a great and worthy path.

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A charitable bequest is one or two sentences in your will or living trust that leave to Haverford College 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 Haverford College, a nonprofit corporation currently located at 370 Lancaster Avenue, Haverford, PA 19041, 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 Haverford 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 Haverford 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 Haverford 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 Haverford where you agree to make a gift to Haverford 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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