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Planned Giving

Our Values, Our Home, Our GW Legacy


David Whitcombe arranged a scholarship that supports students in the School of Business in perpetuity, with preference given to Korean nationals or Korean-American students, in memory of his wife, Lucy.

Sometimes the answer to a question comes when you least expect it. David Whitcombe found his during a conversation with his daughter-in-law, Lori, about ways to honor his late wife, Lucy.

Whitcombe met Lucy Kim in the mid- 1960s while both were working at American Broadcasting, a magazine that covered the television and radio broadcast industry. They were a couple by the time she left the magazine to pursue her undergraduate degree in accounting from Benjamin Franklin University (later to become part of GW), and the two spent the next 40 years together.

The couple made their home in the Ballston area of Arlington. Lucy Kim Whitcombe graduated as valedictorian of her class in 1983 and later served as a staff accountant of Berens Asset Management Co. The Whitcombes eventually purchased a second home in Ocean City, Md.

"My stepfather and mother were of a generation where they focused on saving. They were conscientious about building their estate," says Peter Kim, Whitcombe's stepson. "He wanted their estate to have some longevity."

Honoring a Love of Learning
After Lucy passed away in 2008, Whitcombe wanted to find a way to honor her. Lori Kim suggested he consider creating a named scholarship at GW, which merged with Benjamin Franklin University in 1987. The suggestion immediately resonated with him.

"He said, 'Yep, that's perfect. That's exactly what I was looking for,'" Peter Kim says.

With his question answered, Whitcombe contacted GW's Office of Planned Giving, and, soon after, he established the Lucy Kim Whitcombe Memorial Endowed Scholarship Fund with an outright gift and a plan to add to the scholarship later through five charitable gift annuities – two from the donation of his primary residence and vacation property and three from the remainder of his estate.

A Weight Off His Shoulders
Whitcombe's significant philanthropy highlights the benefits – and flexibility – that real estate gifts offer to donors. When he decided to move into an independent-living facility, GW's Planned Giving team helped with receiving his properties for the purpose of establishing the CGAs. Whitcombe immediately gained a lifetime income without the stress that comes with selling a home.

"It was great because the CGAs financed his day-to-day living," Peter Kim says. "It was a weight off his shoulders that he didn't have to deal with disposing of the properties on his own."

"He was very passionate about the good that could be accomplished through Gift Annuity arrangements," says John Kendrick, senior executive director of the GW Office of Planned Giving. "We were able to work with David to create a gift plan that would benefit him, his family, and future generations of GW students."

After his death in 2012, the remainder value of the CGAs – established with Whitcombe's properties – was integrated into the Lucy Kim Whitcombe Memorial Endowed Scholarship Fund. The scholarship supports students in the School of Business in perpetuity, with preference given to Korean nationals or Korean-American students.

Whitcombe's estate plan also included the establishment of charitable gift annuities for each of his two sons and stepson, allowing all three to receive a lifetime income.

"He liked the idea that we wouldn't just get a one-time lump sum," Peter Kim says. "There's financial protection in an annuity setup, and that made him more comfortable."

Gift annuities are a smart way to distribute an estate to heirs, according to Kendrick. "The heirs get a substantial lifetime benefit."

Peter Kim adds: "We have the pleasure of knowing that the memorial fund in honor of our mother will be added to once more, with the remainder of our annuities in the future."

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A charitable bequest is one or two sentences in your will or living trust that leave to George Washington 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 George Washington, a nonprofit corporation currently located at 2033 K Street NW, Suite 300, Washington, DC 20052, 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 GW 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 GW 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 GW 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 GW where you agree to make a gift to GW 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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