Elizabeth T. Caldwell
Mrs. Elizabeth T. Caldwell (1917-2012) graduated from West Tennessee State Teachers College, now the University of Memphis, in 1939 with a degree in History. She was an active student and President of her sorority, Sigma Alpha Mu.
An engaged citizen and philanthropist, Mrs. Caldwell supported numerous organizations throughout her life, including the University of Memphis. In 1993, she established the Mary Pettus Thomas Memorial Scholarship at the University to honor the memory of her aunt who was a professor of Languages here during the 1930's.
Mrs. Caldwell understood the tremendous impact scholarships have on students' ability to attend college. This is why she made provisions in her estate for two scholarships.
The first expanded the Mary Pettus Thomas Memorial Scholarship and currently awards scholarships to multiple foreign language students, with preference given to those who wish to study abroad, but who could not otherwise afford to do so. The Chair of the Foreign Language Department, Dr. William Thompson, notes:
"We have been using these generous funds to support Foreign Language majors who are enrolled in study abroad programs. Given the expense associated with studying abroad, for many students this scholarship is the determining factor in their ability to pursue such a program. So far more than forty students have received support from this scholarship fund, and I know from personal contact with many of them that they are extremely appreciative for what this scholarship has allowed them to do."
Ms. Caldwell also established a scholarship for students attending the University of Memphis Lambuth Campus in Jackson, Tennessee. With support from the Elizabeth T. Caldwell Living Trust, scholarships are given to students with significant financial need and those students will receive an award sufficient enough to allow them to focus on their studies without financial burdens.
How the Mary Pettus Thomas Memorial Scholoarship Benefitted One Student
The Mary Pettus Thomas Scholarship provided me with more help than I could have possibly imagined, as it pushed the idea of a study abroad experience from "not doable" to within a realm of actual possibility for me. It's really special because the scholarship is what made a six month life-changing journey financially possible for me, and I could not be more grateful.
Here I am in the main square (Grand Place) of Lille, France on my last day of the semester.
I seriously could not be grateful enough for the Scholarship. Thank you, Mary Pettus Thomas, and the department SO much for everything!
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 illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual 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 the University of Memphis 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 the University of Memphis, a nonprofit corporation currently located at 635 Normal St. Memphis, TN 38152, 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 the University of Memphis 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 the University of Memphis 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 the University of Memphis 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 the University of Memphis where you agree to make a gift to the University of Memphis 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.