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Frankie Clemons Has Many Legacies

Frankie ClemonsFor Frankie Clemons, retired assistant dean of the College of Business at New Mexico State University, it has always been about the students. She began her career at NMSU in 1970, and for the next 24 years she was an instructor and associate professor before becoming assistant dean.

Clemons taught classes in the department of management and gave seminars and workshops around the state on behalf of the college. As assistant dean she taught communications classes, supervised the college advising center and cooperative education program, and worked to recruit students for the college. Her primary passion, however, was working with the students, student placement and Crimson Scholars program.

"I still hear from many of the students that I worked with during those years,"Clemons says. "It was always a very positive experience for me, and I guess it was for the students as well."

Clemons and her late husband, Dr. Russell Clemons, gave nearly 50 years of service to the university through their combined careers. Dr. Clemons was a professor in the geology department. He retired in 1993 after 24 years, and Frankie followed a year later.

In the early '90s, when Frankie and Russ were finalizing their estate plans, they decided to include New Mexico State University as a major beneficiary. "It was just what we wanted to do,"Frankie says. "This university was just so important to us."

One component of their planning is an insurance policy on Frankie which names NMSU as principal beneficiary. The proceeds of that policy will support the College of Business, the department of geology and the university library.

Beyond that, Frankie has given her name to the legacy society within the College of Business. Anyone who makes a planned gift to the college will be named a member of the Frankie Clemons Legacy Society and invited to participate in special events of the college, as well as the university's 1888 Society. More information can be obtained from Steven Covington at (575) 646-3190 or (800) 342-6678 or plannedgiving@nmsufoundation.org.

In recognition of her strong support for the College of Business, Frankie was one of the recipients of the Trader award presented during the college"s annual Hall of Fame dinner in September 2006.

A charitable bequest is one or two sentences in your will or living trust that leave to the New Mexico State University Foundation 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 New Mexico State University Foundation, a nonprofit corporation currently located at P.O. Box 3590, Las Cruces, NM 88003, 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 NMSU Foundation 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 NMSU's 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 NMSU Foundation 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 NMSU Foundation 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 NMSU Foundation where you agree to make a gift to the NMSU Foundation 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.

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