We All Have One Life to Live, Love and Leave

Bob and Betty Young smilingA native of Collins, N.Y., Bob Young was a mechanic at Bethlehem Steel for nearly 20 years and also worked as a field superintendent for Herbert F. Darling Inc., a construction company based in Williamsville, until his retirement in 1989. He was a decorated U.S. Army veteran who earned the rank of sergeant and was stationed in the South Pacific during World War II. He and his late wife, Betty (Pine) Young, a native of Dayton, N.Y., always called western New York home, even though they had no connection to Fredonia.

Before Betty passed away, she told Bob that she had a desire for them to support a music program. Bob was reminded by a friend about the School of Music at Fredonia and, despite the fact that neither he nor Betty had any direct affiliation with the university, he thought this could be the way to make Betty's dream a reality and help students pursue a career in music.

When I met Bob on May 15, 2009, my first impression was that he was a very simple and kind man who was searching for a way to memorialize Betty. He was already years into his quest to find an outlet to make her wish a reality. Betty was a homemaker and played the piano, and Bob stated, "My wife liked music and the piano, and we talked about what we might be able to do."

Making a Dream a Reality
At the age of 86, Bob presented a $100,000 check to former Fredonia President Dennis Hefner to establish the Bob and Betty Young School of Music Endowment Fund. Income generated by the fund that was established through the Fredonia College Foundation provides School of Music scholarships and support for ensemble tours. Beyond creating the endowment, Bob committed an additional $100,000 bequest to be earmarked for the fund.

This gift has had a profound impact on the School of Music by enhancing its ability to furnish scholarships to talented students and enrich the experiences of Fredonia students. The endowment also assists in the recruitment of bright and talented high school students.

Bob and studentsBob was able to meet dozens of students who benefitted from his scholarship. The scholarship kept Betty's memory alive for Bob, and the students have been grateful for the support provided by Bob and Betty. Bob's quest to fulfill Betty's wish came true.

Over time, Bob was very happy to be able to meet the students who received his award. He enjoyed himself immensely at a special reception arranged for him by the School of Music where each student played their instruments for Bob as a gesture of appreciation for his generous gift. His only regret is that he didn't start the scholarship fund when Betty was still alive. As he said, "She would have loved to see this and meet all these kids."

As Bob was aging and not able to come to Fredonia, students went out of their way to keep in touch with him. One of his recipients, from the Class of 2011, even went to his home to play her senior recital on Betty's piano.

Extending the Impact
One day Bob said to me: "I like what you all are doing and I want you to know I left a percentage of my residual estate to the Fredonia College Foundation." We discussed what he would like us to do with that part of his bequest. Bob had begun his college education with plans to become an engineer, but didn't finish his degree because he ran out of money. Reflecting on his own circumstances, Bob decided that he would like to support students who need financial assistance to stay in school.

With that in mind, Bob endowed $10,000 for the Bob and Betty Young Emergency Grant Scholarship Fund. His bequest from the residual of his estate will add additional value to the fund, giving it the potential of being the largest of its kind to assist Fredonia students who would otherwise not have the money to finish their education.

On Sept. 12, 2014, Bob passed away. He left us with a legacy that will impact the lives of many students for years to come. We are grateful that Bob became a part of our Fredonia family. His legacy reminds us that we all have one life to live, love and leave. Bob was a man who lived a humble life, loved his wife with an incredible devotion and left us with a remarkable legacy.

Contact the Fredonia College Foundation at (716) 673-3321 or Foundation@fredonia.edu to discuss how you can leave your legacy of support for Fredonia students and programs. We would be happy to work with you to find the gift option that fulfills your wishes.

A charitable bequest is one or two sentences in your will or living trust that leave to the Fredonia College 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 give to the Fredonia College Foundation, a nonprofit corporation currently located at Fredonia, NY, 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 Fredonia 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 Fredonia 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 Fredonia 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 Fredonia where you agree to make a gift to Fredonia 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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