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Improving Lives at UWF

Stanley Schmerken was dedicated to improving the lives of young people who were pursuing an education. Over the years, he developed a passion for education, recognizing it is often the key to financial security.

Stanley made the decision in May 2016 to create a charitable gift annuity in the amount of $3 million to UWF, providing an income stream to his family and eventually contributing an estimated $1.26 million to the University.

Stanley's gift established Stanley Schmerken Scholars, a scholarship endowment for students who possess academic ability and leadership potential, yet are in need of financial assistance to earn their college degrees.

"To start off life with such debt hanging over your neck is crazy," Stanley said. "That's what motivates me—I do what I can for young people. It's imperative today to have a college education."

Stanley served in the U.S. Navy prior to graduating college, then worked as an electrical engineer in Venezuela and as a traveling garment salesman in the United States before moving to Pensacola in 1960.

In November 2019, Stanley passed away and left a generous philanthropic legacy at UWF as well as many other colleges and universities.

Stanley heard stories of young people struggling to pay for their educations and the hardships created by debt after graduation. He wanted to help UWF students overcome those barriers. Future Stanley Schmerken Scholars can be grateful to the thoughtful man who made their educations both affordable and achievable.

"You've got to try to help those who can't do much for themselves," Stanley said. "If you can't do a little good, what good are you?"

To learn more about charitable gift annuities, or others ways you can support UWF, contact Robin Zimmern at rzimmern@uwf.edu or 615-473-5204.

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A charitable bequest is one or two sentences in your will or living trust that leave to the University of West Florida 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 the University of West Florida, a nonprofit corporation currently located at 11000 University Parkway, Pensacola, FL 32514, 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 UWF 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 UWF 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 UWF 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 UWF where you agree to make a gift to UWF 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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