Franklin Daniels ’87
Consultant, fundraising and non-profits. Director of Planned and Capital Giving, Baylor School 1997-2003
Planned Giving Vehicle:
How does your IRA benefit Baylor?
Baylor is the primary beneficiary of the money left in my IRA at the time of my death. Ordinarily money that remains in an IRA or 401K can be taxed up to 70 cents on each dollar when the person dies. This way, the charity or organization gets it all. And, my wife Catherine’s will states that she is aware of my wishes.
Why are you thinking about planned giving at your age?
You don’t have to be 100 to sit down and do it. I named Baylor as the beneficiary of my IRA eight years ago. I did it early as part of my long term planning and found it to be a very academic exercise. We are not a family of wealth. We wanted to have a child and to start saving; planned giving was part of the whole package. My planned gift is not much of a gift but young alumni can make a statement now that will make others notice and help get their own head in gear.
Does your planned gift affect your annual fund gift?
I give to the annual fund as a way of saying thank you to Baylor. Even in hard times, I would always give something. In the end my planned gift will, I hope, be larger than any of my annual gifts ever were.
What did you tell people about planned giving when you worked for Baylor?
You don’t have to be old or wealthy to make a planned gift. It’s as simple as telling your broker that you want to fill out the form directing any residual money to go to your favorite charity or calling your lawyer to add a sentence or two to your will. Making a will and making plans has more to do with living. I get kind of excited about the notion that when I die, there will be checks going to places I really care about. And, one last time, they’ll be saying, “Thanks Franklin.”
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