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Looking in the Rearview Mirror

Steve JusticeGrowing up on a farm in Iowa, Steve Justice knew his parents had to make many sacrifices to further his education at Truman State University. Today, Justice is sharing his time and resources to enhance the lives of other students at Truman.

After receiving a Bachelor of Science in education from Truman in 1970, followed by a Master of Arts in school administration in 1981, Justice coached in Iowa for 12 years before moving to Texas, where he taught at-risk high school students for 21 years. To fulfill his penchant for sports, Justice has also been involved with the sports operation and management at Rice University for the last 20 years.

Although he lives hundreds of miles away in Texas, Justice still finds ways to volunteer his time and talents to his alma mater. For instance, he can be found on the Truman campus handing out gifts to new graduates after the University's Summer Commencement, which has often prompted him to think about what type of graduation speech he might give. "I would tell the new grads that, as they leave school and see Kirksville in their rearview mirrors, to not ever forget how the University made a difference in their lives," says Justice. "It's not just about getting a degree; it's also the people you meet, the bonds you create and the relationships you make that will last a lifetime."

"Truman has made a huge difference in my life, and it makes me want to give something back." Justice has named Truman in his estate plans and is also a charter member of the University's John R. Kirk Society. Reflecting back on his college days also motivated Justice to create a scholarship. "At that point in time, my dad didn't have near the resources he has now, so I know what a major sacrifice it was for my parents to put three kids through college," says Justice, whose two sisters-Mary Beth (Justice) Overton ('71) and Melissa Ann Justice-Rud ('77)-also graduated from Truman. "I figured the least that I could do was to name a scholarship in honor of my parents."

Each time Justice looks in his rearview mirror as he drives away from Kirksville, he has the satisfaction of knowing that not only did Truman make a difference in his life, but that he has made a difference at Truman.

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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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