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Leaving a Legacy in Education

Impressive Record of Philanthropy and Service Culminates in an Estate Gift

Gail Crump"I feel like we all owe something to the past and have a responsibility to the future," says Dr. Gail Crump, who has earned impressive credentials in English. After graduating summa cum laude from Truman in 1964 with a B.A. and a B.S.E. in English, he achieved a master's degree and a Ph.D. in English from the University of Arkansas. He joined the faculty at the University of Central Missouri in 1969, where he taught until his retirement in 2011.

In addition, Gail served as chair of the departments of English and philosophy, interim chair of the department of modern languages, interim chair of the department of geography and interdisciplinary studies, and associate provost. Gail's commitment to give back to his alma mater quickly became a mission as he considered the profound impact that Truman had on his life and the lives of his siblings.

"My twin brother, Gary, and my younger brother, Jay, all went to Truman, and because of the good starts we received here, we all eventually earned doctoral degrees. We literally would not have been able to do what we did if we had not lived in Kirksville and had the affordable college in town. I owe Truman State University a lot," Gail says.

Gail has also given a great deal in return. In 2007, Gail created the C.V. Huenemann Lectureship in English with a gift of $25,000 to the Truman State University Foundation in honor of his former English teacher Dr. Calvin V. Huenemann.

Relishing the Experience
As a former member of College Players and Oral Interpreters, Gail says that theater productions played a significant role in his college experience. "At that time, my great friend and mentor, Dr. Jim Severns, was the only faculty member working on productions. He directed all the plays, did the stage direction of the operas and designed the sets for all productions-an enormous volume of work," Gail says.

In return, Gail has donated to the Severns Theater Fund. "Really, nothing I could ever do would adequately repay Truman; Jim Severns and his wife, Pat; and Dr. Elizabeth Worrell for that great experience," Gail says.

Gail's gifts are not exclusive to financial support. As a member of the University's Foundation board, Gail committed hours of service to enhance Truman's mission.

"Our biggest goal is to help students get to Truman and enjoy the fruits of a high-quality education at an affordable cost," he says. To address this need, Gail is providing a generous planned gift from his estate of $180,000 to create the Dr. Gail Crump Scholarship Fund as well as a scholarship honoring his late brother, Gary. "I know that money is tight for many people right now, but all alumni need to think seriously about what they can give to support higher education."

"I would never say anything to diminish the tremendous personal efforts alumni put in on their educations and careers and certainly would never discount their great individual accomplishments. They need to take deserved pride in what they have done," Gail says. "But it is not discounting people's efforts and achievements to remember that nobody gets where they are completely on their own. What I had the chance to do was made possible by forward-looking political and educational leaders and citizens who committed themselves to creating the empowering educational environment of which Truman State University is such an outstanding expression."

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A charitable bequest is one or two sentences in your will or living trust that leave to Truman State 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 Truman State University, a nonprofit corporation currently located at Kirksville, Missouri, 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.

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 Truman 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 Truman 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 Truman 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 Truman where you agree to make a gift to Truman 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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