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Planned Giving

Repaying Your Community: John Curtis Schreur '87 and Carol Schreur

Donor Schreur

Curt and Carol Schreur. "I want to encourage others to be prepared," Curt says.

Repaying Your Community: John Curtis Schreur '87 and Carol Schreur

For John Curtis Schreur '87, better known to his friends at Kalamazoo College as "Curt," creating an estate plan is about being prepared.

After his father's death, Curt was grateful that his father had made such detailed estate plans. His father's trust gave his family a clear understanding of his intentions, avoiding the hassle of probate and saving them from court challenges.

"Even though I'm only in my mid-40s, I really appreciate the importance of being well-prepared by creating a detailed trust and living will spelling out my intentions," Curt says. "I want to encourage others to be prepared."

Through the support of academic scholarships, Curt came to K to prepare for medical school because of his interest in science and math. His experiences in laboratory research, as well as the Senior Individualized Project that stemmed from his internship at the Upjohn Company, convinced him to add a B.A. in economics to his B.A. in chemistry. His internship led to a position as sales representative with Upjohn in Colorado, where he met his wife, Carol. He earned his master's degree in business administration at the University of Colorado and later was promoted to a management position in Phoenix. Currently he is a customer team leader for Merck, leading sales professionals in several states.

Curt names his interactions with the College's "enlightened faculty," experiences while on study abroad, and career development though internships as key ways that K connected him with people from diverse backgrounds and prepared him for his career of leadership in the pharmaceutical industry.

When Curt and Carol began to think about their estate plan, they saw including Kalamazoo College in their trust as a way to "repay what others have done." They devoted part of their estate to family and part to the College because K was "a big part of my life," says Curt.

"We thought about the legacy we want to leave to the community," he explains. "Community is more than immediate family. We thought about the organizations that have made a positive impact in our lives, and without question the College is one of the most significant of these organizations."

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A charitable bequest is one or two sentences in your will or living trust that leave to Kalamazoo College 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, [name], of [city, state, ZIP], give, devise and bequeath to Kalamazoo College [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 K 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 gift 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 receive an immediate federal income tax charitable deduction. 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 K as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 K 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 K where you agree to make a gift to K 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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