A Legacy of Life Lessons
Teacher and WWII Veteran Gives the Gift of Knowledge to Future Generations
Learning was a passion for Gordon “Gene” E. Barlow. It was evident in every phase of his life. That’s why remembering Paul D. Camp Community College and three other institutions in his will was the ideal solution for leaving a legacy of knowledge. Through his will, he established a $25,000 endowed educational scholarship with PDCCC.
We could all take a few lessons from Gene — and many of us probably did. He taught Math and Science at his almamater, Smithfield High School, for decades. He served in the U.S. Army during WWII and earned a B.S. from Virginia Tech and an M.S. from Iowa State University. After finishing his degrees, Gene returned to Smithfield and taught school until he retired.
“My brother, Gene, loved education. In fact, he was a lifelong learner. He had many interests including the sciences, farming, computers, religion, and even ballroom dancing,” said Gene’s brother, William K. Barlow, former member of the Virginia General Assembly.
“Gene took college classes almost up to the time of his death,” says his brother. “Through the establishment of endowed scholarships, Gene wanted to leave a lasting legacy signifying his intense interest in the importance of education.”
Take time out from your Summertime Projects and Spend a Few Minutes in Your “Legacy Toolshed”
Summertime’s long days and high heat bring growing gardens and chores galore. Take a respite from the garden hose and the tomato vines to think about your legacy. A legacy grows little by little over summer and winter, year after year. One thing is for sure — everyone will have a legacy, of one kind or another. This article tells you about some tools many people use to put their legacy into the form they want it to have.
Chances are you have one of these assets sitting at the ready, like tools in a shed. Giving any of these to Paul D. Camp Community College Foundation will be a wonderful legacy that will help hardworking citizens of southeastern Virginia reach their educational goals.
Life Insurance: An old policy that has outlived its usefulness can make a substantial immediate gift and provide an income tax deduction to you. Or, if a policy is “paid-up,” designating PDCCC Foundation as the beneficiary will create a legacy for future years.
Bank Accounts: Balances remaining in certain accounts can create a legacy. Complete a beneficiary designation form at your bank (and please let us know, so we can thank you).
Your Retirement Account: Did you know that most people never use all the assets in their IRA or 401(k) plan? A safe, but effective, way to build a legacy is simply to direct part of your retirement account’s final balance to PDCCC Foundation. Contact your plan’s manager for a beneficiary designation form.
Or, add a feature to the most important tool of all, your will.
Your attorney can draft an addition, or codicil, to an existing will naming the PDCCC Foundation. Just discuss your wishes with your attorney.
And, remember the IRA Charitable Rollover. This option is not currently available but is usually enacted by Washington toward the end of each year. Under the Rollover, if you are at least age 70 ½ you can direct up to $100,000 from your IRA to PDCCC Foundation without having to recognize any income for tax purposes, as long as the IRA distribution is payable directly from the IRA to the Foundation. This gift also counts toward your annual required distribution.
You, too, can support PDCCC with an estate gift that perpetuates your ideals without affecting your assets during your lifetime.
Any information in this newsletter concerning giving options or their tax benefits is of a general educational nature only and does not constitute, or substitute for, legal advice. Please seek competent legal advice regarding how any charitable gift might affect your personal situation.