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Planned Giving

Peacocks' Legacy of Teaching Lives on Through Scholarship

Dr. Bill Meehan and Catherine Peacock

JSU President Dr. Bill Meehan and Catherine Peacock

Catherine and Bill Peacock touched countless lives during their combined 74 years of teaching.

Their son Mike remembers how an older woman approached Catherine last year with warm memories of being in her thirdgrade class. "You had to make an impression on someone for them to remember you that long ago, and it happened all the time with both of them," Mike says. "Teaching was their life, as they loved working with young kids (and) shaping their lives."

Catherine passed away last year, eight years after Bill, but the couple is still shaping lives through education. Before her death, Catherine made a $300,000 gift to Jacksonville State University to endow the Bill and Catherine Peacock Scholarship, which will benefit students in the College of Education and Professional Studies. The scholarship, which will be awarded to four incoming freshmen annually, will cover the cost of tuition for two semesters.

Learning and teaching played a major role in the Peacocks' lives. Catherine grew up in Riverside, Ala., and earned her teaching certificate from Judson College in Marion, Ala. She taught for six years in Pell City before enrolling at JSU, where she earned her bachelor's degree in teaching. Bill grew up in Rockmart, Ga., and played football at the University of Alabama before coming to JSU. The couple met in the College of Education in 1950, and both went on to earn master's degrees in education from Peabody College in Nashville, Tenn.

The Peacocks lived and taught in Alabama, Tennessee, Georgia, Florida, South Carolina, Missouri, Wyoming and Arizona over the years. They had two sons, Mike and William, a daughter, Charlotte Ann, and two grandchildren. The couple retired in 1986 and settled on Bill's family farm in Rockmart.

In addition to the scholarship, Catherine left a substantial sum to the College of Education and Professional Studies through her estate.

"We earned a great education at JSU," she said. "I wanted to be able to provide the same opportunities for students today to earn their degree in education from such a great institution."

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A charitable bequest is one or two sentences in your will or living trust that leave to Jacksonville State 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 Jacksonville State University, a nonprofit corporation currently located at Jacksonville, AL, 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 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 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 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 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 Foundation where you agree to make a gift to the 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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