Honoring Family by Helping Students

Thanks to the financial assistance of family members, Leo Favrot was able to complete his legal education. When Leo and his wife, Vicky, decided to pay tribute to that kindness, they turned to Southern Methodist University to create a scholarship and an artful legacy.

“We had been discussing for several years how we might both honor my maternal grandfather, Swan Hartwell, and his wife, Edna, and provide assistance to students seeking to further their education,” Leo says. “When I thought back on the wonderful experience I had at SMU Law School (now Dedman School of Law), it seemed like a natural fit to approach SMU about accomplishing those two objectives.”

Honoring Family by Helping Students Working with the SMU Office of Planned and Endowment Giving, Leo and Vicky have established The Favrot and Hartwell Endowed Scholarship in the Dedman School of Law. The experience has been immensely rewarding, Leo says. “Now we know that our wishes can be implemented through additional contributions to the scholarship during our lifetimes and funding formally in place through our estate plan.”

Passing on Opportunities to Others
He says that by “relieving students of the burden of potentially crippling student debt,” the scholarship will help recipients graduate with the wellrounded University experience he cherishes to this day. While earning a Bachelor of Laws in 1966 and a Master of Laws in 1967 from SMU, he not only gained a sound foundation for his future legal career in international business, but also lifelong friendships.

The Favrots also have made arrangements to honor Swan Hartwell in another distinctive way. His original oil portrait, along with the portraits of his father and grandfather, will be delivered to SMU sometime in the future. The Austin-based couple hopes the beloved family heirlooms “will have some meaning when identified with this scholarship.”

The generosity of family members inspired the couple to generously give to SMU, a tradition Leo encourages fellow alumni to follow.

“I hope that our story will likewise spur others to let SMU help them put together a plan to, as Dedman Law Dean Jennifer Collins explained to us, ‘make a legal education accessible to the most outstanding students.’”

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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 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 SMU 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 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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