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Dr. Kelly Downey '76

"As the parents of four children and both physicians, for years the biggest concern my husband and I had when meeting with our attorney to draft a will was always "Who will be their guardian and how can we make sure we have provided for them should something happen to us." These meetings were always stressful, lengthy and avoided as often as possible. But suddenly, one year ago, the entire tone of the meeting was different: a major milestone had occurred. Our youngest child was now 18 years of age in college and legally independent. Our older three children were all college graduates and living independently! Now we really had to plan for our own future and think about what was important to us for the future rather than focus on their needs.

I am extremely thankful that both my husband and I agreed that primarily we wanted the proceeds of our estate to be used to give back to those institutions and causes we felt were important to us throughout our lifetime. While many parents hope to leave something for their children, we felt it far more important to use this final opportunity to help others. When our attorney asked us individually to list our first three beneficiaries, I immediately responded "Scripps College". The attorney suggested I take a moment to reflect but I knew I didn't need anytime whatsoever to reflect: Scripps was my number one choice.

I feel strongly about the institution that allowed me to become the person I am today. My education at Scripps taught me to think independently, learn to question and to solve problems as well as providing me with life-long friendships! When I attended medical school, I constantly in my mind thanked the faculty at the Joint Sciences Department for the education I received. My success as a physician, while influenced by my medical school, is far more shaped by my four years at Scripps. Including Scripps in my will is my way of saying "Thank-you" one last time."

eBrochure Request Form

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A charitable bequest is one or two sentences in your will or living trust that leave to Scripps College 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 Scripps College, a nonprofit corporation currently located at 1030 Columbia Avenue, #2009 Claremont, CA 91711, 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 Scripps College 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 Scripps College 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 Scripps College 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 Scripps College where you agree to make a gift to Scripps College 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.

Personal Estate Planning Kit Request Form

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