Honoring a Man and a Family

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When Gordon Worsham wanted to honor his friend, Bassett Kilgore, he thought of SMU.

Basset Kilgore's grandfather, James Kilgore, was a member of the commission that voted to establish SMU in Dallas and with that vote the Kilgore tradition at SMU began.

James Kilgore joined SMU's first faculty and was well respected for his wisdom and judiciousness. He served as acting President of SMU, acting Dean of the School of Theology, and served on the SMU Board of Trustees until his death in 1950.

James' son, Donald Kilgore, graduated from SMU in 1920. Donald met and married Gladys Watson, class of 1921, and had two sons, Donald, Jr. and Bassett.

Both sons attended SMU and went on to medical school. Bassett became one of the finest neuroradiologists in the region. Bassett's children attended SMU, making them the fourth generation of Kilgores at SMU.

So, when Gordon Worsham decided to honor his friend, Gordon and his wife, Sudie, established the Bassett Kilgore Endowed Graduate Fellowship in Chemistry, the first graduate fellowship for the Chemistry Department.

The gift was made with a stock donation; a portion went immediately to the endowment. The balance of the stock funded a gift annuity that will pay income to the Worshams for their lifetimes. Thereafter, the funds remaining in the gift annuity will pass to the Bassett Kilgore Endowed Graduate Fellowship.

SMU thanks the Kilgore family for their service and loyalty to SMU and the Worsham family for their generosity. What a fitting way to honor a friend!

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A charitable bequest is one or two sentences in your will or living trust that leave to Southern Methodist 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 Southern Methodist University, a nonprofit corporation currently located at Dallas, TX, 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 SMU 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 SMU 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 SMU 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 SMU where you agree to make a gift to SMU 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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