Bill and Marjorie Marston

Bill and Marjorie Marston smiling

"I can't remember a day that I wasn't eager to go to school," said former lower school director and 1888 Society member, Marjorie Marston.

Mrs. Marston, who also served as a first grade teacher and the director of the reading lab, remembered her years at Latin with great affection. "No one," she once said, "had more fun teaching than I."

Mrs. Marston had an opportunity for a lot of fun during her 30-year Latin career, begun in 1942. She remembered guiding her students through hands-on learning projects: building teepees, igloos, and rocket ships, or watching chickens hatch in an incubator. She enjoyed the times when she and music teacher Mary Maj helped students stage musical dramas, like Cinderella in Space.

Her students have fond memories of her, too. Many remained in contact with her until her death in 2010, exchanging holiday cards, letters, and phone calls, and taking a drive out to the Marston home in Wenona for a visit. Many credit her with laying the foundation of their future academic success.

Mrs. Marston maintained contact with many of her former colleagues for whom she always showed great respect and admiration, "They were a self-sufficient group of professionals who built strong relationships with parents, students, and colleagues alike," she noted.

Today Bill and Marjorie Marston's foresighted planned gift provides ongoing support for the quality of education for which Mrs. Marston is remembered. When documenting their estate plans, Mrs. Marston was asked at the time what motivated her to include Latin in their estate. Her answer was simple and profound: "Latin is the greatest school in the whole world."

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.

Personal Estate Planning Kit Request Form

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eBrochure Request Form

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