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John and Kathryn Creed: College of Engineering & Paul M. Herbert Law Center

Creed Honored by Rice Association Funds Annuity to Help Law and Engineering

John and Kathryn Creed have recently funded their second Charitable Gift Annuity which will benefit both the College of Engineering and the School of Law.

John Creed enrolled at Louisiana State University in 1938. When he was a junior he entered the U. S. Army and was commissioned in the Corps of Engineers. After serving at Fort Knox, where he taught courses in tank maintenance, he fought in Patton's Third Army in Europe, returned to LSU and earned a degree in 1946. He consequently earned a Law Degree is 1946.

Upon his return, he met his wife-to-be, Kathryn, who was pursuing studies in Physics. She taught engineering to undergraduates and continued until she was encouraged to write a thesis. She declined, choosing instead to marry John.

In 2006, the U.S.A. Rice Millers Association presented The Distinguished Service Award to John at its general assembly of the 107th annual convention in Asheville, NC.

The award, which is not presented every year, was made to John, who founded Creed Rice Company in 1973 after serving as Vice President of Blue Ribbon Mills, Inc. in Houston for many years. At the assembly, Lee Adams, USA Rice Federation Chairman stated, "I have known John as a competitor, a friend, a mentor and as a confidant...nothing in my years in this great business of ours has given me more pleasure than to present the RMA Distinguished Service Award to John L. Creed."

The Creeds have four children and two of them attended LSU. The oldest received his degree in engineering followed by an MBA and now serves as president of a metals company in California.

The Creeds enjoy traveling and have been on several cruises worldwide.

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A charitable bequest is one or two sentences in your will or living trust that leave to the LSU 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, [name], of [city, state, ZIP], give, devise and bequeath to the LSU Foundation [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 LSU 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 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 the LSU Foundation 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 the LSU 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 LSU Foundation where you agree to make a gift to the LSU 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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