Bill Close ’48
Retired in 1985 from homebuilding and development.
Planned Giving Vehicle:
Charitable remainder trust
How does a charitable remainder trust work?
A charitable remainder trust allows you to set up a trust and avoid paying taxes on the assets set aside for that trust. You are required to draw a percentage each year and you pay tax on what you draw. You have a continuing income until you die or pass the trust onto the institution. It is a good thing for my wife Sarah and me, and a good thing for Baylor.
What motivates you to give?
I had five great years at Baylor. I made great friends and got a good education. When I entered Vanderbilt, I felt well prepared because of Baylor. Baylor has always depended on giving by generous people who are interested in the school. The more that is given by alumni, the more we can keep tuition in line. I recently found a paper that my mother had kept. It showed a year’s tuition for both my brother and me, including books and other fees, and it was $225!
You were president of the Heritage Society. What is the Society's role ?
Heritage Society members have provided for Baylor through planned giving. Joining the Heritage Society is a way to do something for Baylor when you are young enough and in good enough shape to make a plan ahead of time. We’re encouraging the Heritage Society to do little things to identify members as special, like providing special parking at graduation.
What do you tell others about planned giving?
It doesn’t have to be a huge gift. Anything you do is a big help and the more people who commit to moderate amounts, the better. Pick an amount, say $1000, to put into your will. Nobody would even miss it when you die, but you’d still be doing something for a great institution. Most people love Baylor—you don’t have to do much selling.
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