1 + 1 = 6: How Two Lifelong Christians Impact Ministry Work at Six Charities
John and Eleonore Jeske made a lasting gift to support the future ministry of WLC.
Editor's Note: John Jeske went to his heavenly home on December 24, 2014. His gifts to Wisconsin Lutheran College continue to make an impact today.
John and Eleonore Jeske are pretty humble folks. They don't measure success in their lives by promotions achieved, the square footage of their dwelling or the shape of a car's hood ornament.
They'd rather talk about the Christian ministries in which they, their five children and their spouses, and 19 grandchildren are involved. That involvement comes in the form of being employed by, volunteering at or financially supporting various ministries.
"We have been so abundantly blessed throughout our lives that we feel moved to make special gifts to six charities that are near and dear to our hearts," Eleonore said.
John, a retired pastor and seminary professor, added, "We always have felt blessed and compelled to give financial support to certain cherished ministries."
Wisconsin Lutheran College is thankful to be one of the Jeskes' beloved organizations. Their ties to the school are a family tradition—five of John and Eleonore's grandchildren have attended WLC, and one more is currently enrolled.
The Jeskes took advantage of recent favorable IRA legislation to make an additional gift to the scholarship they established at WLC a few years ago. You can learn more about this opportunity inside this newsletter.
"It was quite simple, really," Eleonore said. "Once we made the decision to make a gift from our IRA, we contacted our financial representative and he directed our IRA fund administrator to send the check directly to WLC. We are so glad to help."
"WLC is such a blessing to so many young men and women who are preparing to be Christian servant leaders," John said. "We are delighted to be partners with this ministry."
The Jeskes may not realize another important impact of their giving—they are terrific role models of Christian stewardship.
If you would like to learn more about making a gift from your IRA to support Christian education at WLC, please contact me, Richard Mannisto '94 at 414.443.8788 or email@example.com">email him.
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 examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. 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. 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. 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 to Wisconsin Lutheran College 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 Wisconsin Lutheran College, a nonprofit corporation currently located at 8800 W. Bluemound Road, Milwaukee, WI 53226, 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 WLC 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 gift 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 receive an immediate federal income tax charitable deduction. 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 WLC as a lump sum.
You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 WLC 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 WLC where you agree to make a gift to WLC 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.