Professor's Estate Gift Forecasts Bright Future for NIU Meteorology (2022)

Professor's Estate Gift Forecasts Bright Future for NIU Meteorology

Professor's Estate Gift Forecasts Bright Future for NIU Meteorology (1)

Allen Staver

After earning his Ph.D. from the University of Wisconsin in 1969, Allen Staver had a difficult choice to make. He had been offered two teaching positions: one in sunny California at San Jose State, the other at Northern Illinois University.

Today, sitting in his living room at his home in DeKalb with his wife, Almeda Bridge, the retired NIU meteorology professor says he knows he made the right choice. He says it's been a "good ride" and chuckles as he recalls that it was 15 degrees below zero the day he moved to DeKalb. "I wanted to live somewhere that had all four seasons," he says.

Allen has always been fascinated by weather. As a young boy, he says he never ran for cover when a storm blew through his parents' farm in Nebraska. In fact, he would get as close as he could so he could watch— and he has been watching the weather ever since.

KEEPING NIU at THE FOREFRONT
Allen taught meteorology for 26 years at NIU. During his tenure, keeping himself and the university at the forefront of the field were always among his top priorities. In fact, he led the effort to install the first satellite at Davis Hall. The addition gave NIU access to the most advanced weather prediction technology of the time and represented a major step forward for the department and the university.

Over the years, Allen and his passion for weather inspired many students at Northern—many of them moving on to become awardwinning professionals across the nation.

Today, Allen marvels at new technologies and how computers have revolutionized weather prediction. When he watches the weather on TV, he enjoys seeing his former students using those new technologies.

ANOTHER WAY TO HELP
Now retired, Allen has found another way to help NIU move forward. To keep the university at the forefront of meteorology, he's made a significant bequest through his trust to NIU. His gift is unrestricted, which will enable the department chair to direct it toward the greatest opportunities and highest priorities when the gift is realized.

Allen's legacy at NIU will help keep Northern on the radar as a firstchoice university for talented students and faculty who, just like Allen, love to track the weather.

Northern Illinois University has designated the NIU Foundation as the charitable organization to receive and manage all gifts on its behalf.

Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave the NIU 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

The official bequest language for Northern Illinois University is: "I, [name], of [city, state, ZIP], give, devise and bequeath to Northern Illinois University Foundation (TAX ID # 36-6086819) [percentage of the estate or written amount or description of property] for wherever the need is greatest."

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 the NIU Foundation 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 the NIU Foundation 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 the NIU Foundation 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 the NIU Foundation where you agree to make a gift to the NIU Foundation 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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