Unfold Your Personal Legacy

Jim Diamond

By Dr. James E. Diamond ’61

When I was a student at Delaware Valley University, there were no scholarships or financial aid programs. When the former Soviet Union launched the satellite Sputnik on October 4, 1957, the U.S. Congress reacted under the leadership of President Dwight D. Eisenhower by passing the National Defense Education Act to enable American institutions of higher learning to lend a hand to enhance student capabilities to learn science and mathematics.

Had it not been for the National Defense Education Act, plus having a side line of shearing sheep and milking cows, I would not have been able to afford the completion of my education at Delaware Valley University. With this assistance, DelVal was the alpha and omega of a wonderful career.

Who would have ever thought that this naive farm boy from rural Fayette County in southwestern Pennsylvania who stuttered and despised high school would one day become an instructor of animal science at his alma mater; a vocational agriculture teacher at an area vocational technical school; Peace Corps volunteer in Chad, Africa; professor of agricultural and extension education at Penn State University; international agricultural education consultant for the United Nations; dean for Agricultural and Environmental Sciences at my alma mater; and author of several books. These are reasons it is now time for me to give back to Delaware Valley University. Hopefully these gifts will assist current and future Aggies to adequately prepare for their respective careers far beyond their wildest expectations.

There are myriad methods you can use to give charitable donations. A personal legacy should reflect what has been most important in your life and the most important people in your life. It should speak from your heart in your own words, thoughts and actions. Determining the legacy you want to leave behind will bring a deeper meaning to your life in the present as well as the future.

Let me close by quoting a Chinese philosopher Lao Tzu, "Kindness in words creates confidence. Kindness in thinking creates profoundness. Kindness in giving creates love." With this being said, may your love for your alma mater, church, devoted friends and family or social group(s) be reflected in your personal legacy and giving capability.

Join Jim and Create Your Legacy

If you would like to discover ways to give back and create your personal legacy at DelVal, contact Joseph Fiochetta at 215.489.2921 or joe.fiochetta@delval.edu to discuss your options.

A charitable bequest is one or two sentences in your will or living trust that leave to Delaware Valley University 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 Delaware Valley University, a nonprofit corporation currently located at 700 East Butler Avenue, Doylestown, PA 18901, 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 DelVal 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 DelVal 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 DelVal 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 DelVal where you agree to make a gift to DelVal 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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