A Solid Foundation for the Future
As managing editor of the Daily Northwestern during World War II, James “Jim” R. Ward ’42, ’47 MS published articles that currently stand as an invaluable archive of this unique and important time in history.
Years later, after graduating from Northwestern with a bachelor of arts in history and a master’s degree in journalism, serving in the Navy during World War II, and completing a 34-year career in advertising, Jim inherited a 134-year-old house with family history. The house was uninhabitable and could not be remodeled, but it sat on valuable land. Jim’s goal was to use the house to support his alma mater, while also memorializing his family’s history.
“My parents both attended Northwestern, and the generosity of donors made it possible for me to attend Northwestern and go on to achieve my professional goals in the field of advertising,” says Jim. “I wanted to make a similarly significant gift to Northwestern and at the same time honor my family.”
In 2002, Jim worked with staff members in the Office of Gift Planning at Northwestern to evaluate tax-efficient giving arrangements in which he might achieve both of those goals. Ultimately, Jim opted to use his family’s house to establish a charitable remainder trust (CRT).
“I decided that establishing a CRT and designating the remainder to an endowed scholarship in my family’s name would be the best way to celebrate our shared love of Northwestern,” explains Jim. “At the same time, the trust is providing me with the benefit of a steady income stream for the remainder of my lifetime.”
In the year that Jim set up the CRT and funded it with the property, he was entitled to a charitable deduction of the fair market value of the house. As the income beneficiary of the trust, Jim receives income payments for the rest of his life. The remainder of the trust will be added to an endowed scholarship at Northwestern, providing a world-class education for talented and deserving students who otherwise would be unable to afford the opportunity.
Jim finds it personally rewarding to see the impact of his scholarship fund at Northwestern. “It is always a thrill to hear from students who have benefited from the scholarship fund. I enjoy reading their notes and hearing about what they are doing. Oftentimes, I find we have much in common.”
Contact Northwestern Gift Planning at 800-826-6709 or email@example.com if you are interested in learning more about the benefits of a charitable remainder trust or other ways to support Northwestern.
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 hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your 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.