The Joy of Giving and Receiving
As career women age, most begin to look longingly toward the future and become concerned about planning for a comfortable retirement. Visions of tax burdens, family needs, long-term health insurance, inflation, and housing expenses dance through their heads with the same regularity as those of cruises, travels, or simply having more time to devote to a favorite hobby or to extended family.
Another option that is often thought of is the desire to leave some sort of lasting legacy to a university or other favorite institution while still providing some retirement income.
Emily-Mae Stafford of Denton, a 1956 TWU graduate, is one of many who selected a charitable gift annuity as part of her retirement plan. “I retired with a modest income but quite a bit of company stock in an IRA,” she said. “The stock had increased in value enough so that taxes would have been a burden, and I looked at various options that would provide me with some income for life, with the remainder going to an institution of my choice.”
“I selected the TWU Foundation as my beneficiary, and whatever is left upon my death will go to create an endowment in my name for general scholarships. I hope that will provide financial assistance to many students through the years.”
Emily-Mae majored in journalism and was editor of what was then The Daily Lass-O while in school. She was elected to Who’s Who in American Colleges and Universities and was active in Theta Sigma Phi, an honorary fraternity for women in journalism. It later was named Women in Communications and Emily-Mae continued her affiliation with that organization until her retirement, serving as an officer in three different chapters through the years.
She was the first woman copy editor ever hired by the Fort Worth Star-Telegram and worked for that newspaper in the news department for 28 years.
She also continued to work with what is now the TWU Former Students Association (FSA), serving as editor of the alumnae publication and as chair of several committees. She has received the FSA’S Distinguished Service Award, and was named a TWU Distinguished Alumna in 2001.
She says her donation of slightly over $100,000 provides benefits both for her and TWU.
The charitable gift annuity is a contract in which she irrevocably transfers money, property, or both, to the TWU Foundation in return for its promise to pay her fixed payments for life.
The percentage of the fixed payments is calculated by the American Council on Gift Annuities and is the same paid by virtually all acceptable charitable organizations in the country. It is based upon the donor’s age at the time of the donation.
A portion of the payment is interest earned and is taxable. The other portion of the payment is return on the principal and is tax free. Gift annuity payments are backed by the TWU Foundation’s entire assets.
All remaining funds at her death will be used by the TWU Foundation to establish the “Emily-Mae Stafford Scholarship Endowment” to support general scholarships for TWU students.
An added benefit she particularly enjoyed was the fact that she was able to make the donation in conjunction with her 50th class reunion, making the class gift a record-breaking one in 2006.
“I think this kind of donation is one more people ought to consider. The people at the TWU Foundation are both helpful and considerate, and working out details is really pretty simple.”
— Emily-Mae Stafford, TWU'56