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Chuck Converse '49

Leaving a Legacy From 1,800 Miles Away

Chuck ConverseHe's been a full-time resident of Arizona for many years, but Chuck Converse '49 says he enjoys keeping up with a Minnesota school that completely changed his life.

An eighth grader when he came to Breck, Chuck says he "wasn't a bad boy, just very much unmotivated. I think I loved Breck from the very first day, and it totally turned me around."

For starters, he loved his teachers. "Pops Jonnard and Orwin Rustad were great. John Nelson was tough—and a better math teacher than he was a football coach!—and I always enjoyed Latin with Mike Uram. Of even more importance, I believe that any success I achieved was in large part due to Ted Osman's and especially Doc Milburn's teaching me how to write. Even college at Yale didn't have anywhere near the positive impact that Breck did. I consider myself very fortunate that my parents sent me to Breck."

Chuck also reflects fondly on his class. "There were only 43 of us, so we got to know each other very well!" he says. His participation in sports was another highlight. "I was very much a sub-par athlete, but at Breck I got the chance to have that experience." He even looks back positively on the passing and review in military parades. "I wasn't too excited about the military aspect, but I'm sure it was good for me!"

Retired from careers in finance, Park Nicollet Clinics and as an independent financial planner, Chuck and his wife Nancy love life in the Arizona sunshine and feel proud to support Breck in their estate plan. "I like to think that I'm helping the school educate other students like me. And I'm leaving a little legacy from 1,800 miles away."

Besides, Chuck says, given its influence on his life, Breck feels like a member of the family. "I wouldn't disinherit my children, so why would I disinherit Breck?"

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 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 Breck School 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 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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