Alumna Supports the School's Future With an Estate Gift

Frances Barrow smiling

Frances Barrow '68 is supporting future generations by including a gift to Latin in her will.

Alumna Frances Barrow's path took her coast to coast and around the world before she made Israel her home. Her parents moved to Chicago in 1965 from California and Frances was enrolled in the Latin School of Chicago for high school.

"I just loved Latin—for the friends I made and the intense academic challenges it gave me, which always stood me in good stead, even today," she says.

Now Frances has made plans to give back to her alma mater by making Latin a beneficiary in her will.

"Latin taught me how to analyze, think critically and write well," Frances says, "and it is Latin and its wonderful teachers that gave me a great foundation for my professional life."

In addition to her studies, Frances participated in drama club, French club and worked on The Forum student newspaper as well as the Roman yearbook. Her varied career went on to include, among other things, years in the travel and hospitality industry, advertising, and some 20 years in client services and as a press officer for Sotheby's auction house in Manhattan and Tel Aviv. Today she works as a freelance editor and translator, mostly in the arts.

"I love the multiplicity of fields, such as entertainment, science, hightech and the arts, with which this work brings me in touch," she explains.

After graduating Latin in 1968, Frances went on to live in Japan, Belgium and Italy, before attending graduate school at Columbia University in New York. Eventually, she settled in Tel Aviv.

"Worth the Trip"
While she doesn't usually make the long journey from Israel back to the United States for just a week, she made a special exception for Latin's 125th anniversary and homecoming weekend in October, which she described as "delightful and worth the trip."

Frances says it was great to reconnect with old friends and teachers, and to be a part of the energy surrounding the reunion events. Particular highlights were meeting her fourth-grade Latin pen pal, Vivie Koo, and getting a taste of Latin as it is today, including the ways in which it has changed.

"My experience at Latin was very positive," she says, "but I am really pleased to see that Latin has really blossomed with a more holistic approach to both academics and counseling for students; I found that wonderful." Frances is happy to see that Latin has maintained its commitment to academic rigor and is consistently ahead of the curve in its teaching and programs offered to students. She is also pleased to see that Latin's student and staff population has become diverse and that there is more focus on student service in the wider community.

"Latin's academics were excellent," she explains, "and many of the teachers meant a great deal to me. To see what Latin has added to the students' experiences today and how diverse it has become is terrific."

With this and gratitude for her own years at the school in mind, Frances has made Latin a part of her estate plans. Including Latin in her will makes sense "for what it gave me and clearly gives students today," she says.

A charitable bequest is one or two sentences in your will or living trust that leave to Latin School 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, [name], of [city, state ZIP], give, devise and bequeath to Latin School of Chicago [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 Latin School 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 Latin School 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 Latin School 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 Latin School where you agree to make a gift to Latin School 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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