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Bruce Jacobson '66

Remembering Breck in More Ways Than One

Bruce JacobsonBruce Jacobson '66 has fond memories of his six years at Breck. Coincidentally enough, in the winter months his St. Paul home boasts a fairly clear view of the River Road campus he attended, so it's especially fortunate that his experience was a positive one.

Now retired from practicing medicine, Bruce and his wife Ann Morrissey took a careful approach to estate planning a few years ago. "I got some books, talked to friends and relatives and interviewed three attorneys," he says, "before I found the right person and the right advice." He and Ann feel strongly about making their wishes known and keeping their wills up-to-date. "No one really likes to think about it," Bruce observes. "It was hard to get started, but we worked together and feel confident that we can help support our favorite charities as well as family members."

What makes Breck one of those favorites? "As I look back, I'm probably most impressed by all those wonderful dedicated teachers," he recalls, citing Charles Krenz, Mike Uram, John Nelson and Dick Yonker—all of whom influenced him with their passion, enthusiasm and ability to make their subjects come to life.

"It was a troublesome time," Bruce says of the '60s, "but my classmates were surprisingly good at supporting each other."

After Breck, Bruce went on to college at Carleton and medical school at Case Western Reserve University in Cleveland. He then practiced internal medicine in Minneapolis and continued his association with Breck as a member of the alumni council in the 1970s, finding time for his passion for outdoor activities, especially cross-country skiing.

"I'm impressed by today's Breck," Bruce says. "It's different from the school I attended but it's a wonderful academic institution. I've been a longtime supporter of the Annual Fund, and it's a good feeling to know that I've made provisions to remember Breck in my estate plan as well."

A charitable bequest is one or two sentences in your will or living trust that leave to Breck School 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 [the sum, percentage, or description of property] to Breck School, Golden Valley, Minnesota, to be used ['where it is needed most', or 'for the endowment', or 'for the ____ program endowment', or 'according to my written instructions on file with Breck School']."

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 Breck School 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 Breck School 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 Breck School 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 Breck School where you agree to make a gift to Breck School 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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eBrochure Request Form

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