University of Wisconsin Oshkosh alumni Russ and Jean Hutchison feel passionately about giving a future student the same kind of opportunity they had in attending UW Oshkosh.
"Boy, if you can get through college and get through it without much debt, that's a tremendous head start in the next phase of your life," said Russ Hutchison '64.
Recently, Russ and Jean, of Waukesha, really began to think about what their education-and their subsequent life experiences-meant to them. After much thought and consideration, they created the Hutchison First in the Family Scholarship, which will-after they are gone-provide financial assistance to first-generation college students pursuing an undergraduate degree in the College of Education and Human Services at UW Oshkosh. The scholarship was developed as part of their estate plans.
"These kinds of decisions evolve slowly over time, they don't just jump into your head one day," Hutchison said. "We hope this scholarship allows a student to go to college who probably wouldn't get there without it. It's tuition, books and fees."
Both Jean and Russ were first-generation college students. They met at UW Oshkosh where they both studied mathematics and they both firmly believe their degrees helped move them forward and paved the way for the rest of their lives. Throughout their careers, Jean taught math and English at various levels, and later taught hand weaving-one of her passions. Russ had several career pursuits including engineering and law, and as a trade association department director.
Those members are recognized within the Alumni Welcome and Conference Center on a legacy donor wall, as well as through the Foundation's website and planned giving publications.
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.
A charitable bequest is one or two sentences in your will or living trust that leave to UW Oshkosh Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate for its unrestricted use or purpose or designation of your choice.
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, [name], of [city, state, ZIP], give, devise and bequeath to University of Wisconsin Oshkosh Foundation [written amount or percentage of the estate or description of property] for its unrestricted use or purpose or designation of your choice."
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 UW Oshkosh Foundation 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 gift 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 receive an immediate federal income tax charitable deduction. 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 UW Oshkosh Foundation as a lump sum.
You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 UW Oshkosh Foundation 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 a third party where you agree to make a gift to UW Oshkosh Foundation and they, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.