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LSU Foundation 2010 Leave a Legacy Award Recipient


Lillian K. Hoover is a Charter Member of the 1860 Society, a prestigious group who is leaving legacy gifts through their estate plans to the LSU Foundation on behalf of the college or area of their choice. These loyal friends and alumni realize that LSU's next century of success depends on their legacy today. With Lillian, there was never any doubt that she wanted to honor her husband, Jimmie, because of his devotion to his students. She has created a scholarship in his honor and plans to enhance this scholarship with her estate gift.

Mr. Hoover was a well respected man, not only by his peers in the Library Associations, but also by the thousands of students he assisted as Director of the Government Documents department at the LSU Library from 1967 to 1984. But, as Mrs. Hoover stated, "He was never too busy to visit with the students either at school or their home." He mentored them about curriculum, student life on campus, and followed their careers after graduation.

After his retirement from LSU, John Richard, then head of the East Baton Rouge Parish Library System, convinced Jimmie to work for him at the Downtown Library. Once again service to the library patrons was the driving force of his employment.

At his death, Lillian established the Jimmie Hoover Scholarship in the School of Library and Information Sciences. She felt it was the most appropriate way to honor her husband. She keeps in touch with her recipients and attends the school's banquet every year. Many have confided that they could not have gone to Graduate School without the aid of this scholarship.

Although Jimmie is no longer with us, his memory lives on through this scholarship. The LSU Foundation is proud to name Lillian Hoover as this year's Leave a Legacy Award.

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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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