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Gift & Estate Planning

A Certain Symmetry

Evey and John Schweig '76When Evey and John Schweig '76 decided to include Burroughs in their estate planning, it had everything to do with John's feelings toward the school and a little something to do with symmetry. "Burroughs is important to me," says John. "My friends from Chicago who are also in their fifties always seem a bit shocked that I'm still so connected to the people I went to high school with. I start describing it and they're like, 'Wow, I get it!' I think they're actually a little jealous!"

"Burroughs made a life-changing difference when I was there, and a significant difference throughout my life," John explains. "The way we structured our estate gift matches what Burroughs has done for me. There's a certain symmetry to it. I got a great education and friendships that made such a difference back then, and still make a difference in my life now. So, I wanted to give a gift that would have a positive impact on Burroughs now, and in the future. A planned gift fit the bill.

The Schweigs maximized their support for the Campaign for Burroughs through a legacy gift—half as an outright contribution and half through an insurance policy. "We decided to split it 50/50—current and deferred," explains John, "because I know that every institution has current needs as well as future needs. It's a terrific feeling to set aside something for an organization you feel so strongly about."

There were also financial benefits. "The insurance component was a turbo boost. It's amazing, the rate of return you can secure for Burroughs vs. the cost to you, the donor. Actually, I wish I'd done it ten years sooner. If I'd done it at forty-five, it would have been worth a lot more to Burroughs. I encourage anyone to consider making a planned gift to Burroughs at an age where it can make an even more significant difference for the school."

John and Evey have been loyal supporters of Burroughs for many years, contributing to the Annual Giving campaign every year since John graduated in 1976. "Burroughs was a magical place—a beautiful place. It was a joy to go to school there. When I reflect back, I think, 'Wow, that was incredible!'"

"Arriving in 7th grade, I remember the big, beautiful campus. I remember the assemblies. I remember having a wicked crush on a 12th grade girl!" Lifelong friendships that began at Burroughs also served as part of the motivation for John and Evey's gift. John has kept in close contact with several of his classmates, including Steve Maritz '76, and has served on the board at Maritz, Inc. for the past several years.

His relationships with faculty members also played a role in his decision. John came to St. Louis in 2009 for Skip Alverson's (History) memorial service, which was held in the original Haertter Hall. John says Alverson was an unforgettable figure in his life. "I remember one incident in particular. It was Christmas break when I was in 9th or 10th grade. He actually phoned me at home to tell me that I'd done a great job on a paper for his class. He was one heck of a teacher—but one tough guy. That call made a real impression on me, and his teaching made a lasting impression on me, too."

After retiring as a senior executive from W.W. Grainger, Inc., a Fortune 500 global leader in the distribution of maintenance and repair products, John joined private equity firm Snow Phipps Group in 2012 as an operating partner. In addition to his Maritz board membership, John is chairman of the board of Service Champ, and is on the advisory boards of Magid Glove & Safety, L.E.K. Consulting, and Rock Gate Partners. Prior to Grainger, John was a partner with global strategy consulting firm Bain & Company. He received his MBA from Harvard and bachelor's degrees in economics and mathematics from Colgate University.

John and Evey, who met while students at Colgate, are actively involved in several organizations. John is a member of the executive committee for the Northeast Illinois Council of the Boy Scouts of America and an advisory board member of the University of Wisconsin Business School. He has also been active with Chicago Youth Centers and the Josselyn Center for Mental Health. Evey is on the Women's Board of the Ravinia Festival, and on the board of the Glencoe Historical Society. John and Evey live in Glencoe, Illinois.

A Brighter Future for Burroughs
If you are interested in helping John Burroughs School strengthen and expand student resources, consider a planned, blended gift, like the Schweigs.

By establishing an endowed gift that benefits Burroughs, you would be creating a lasting legacy that will make a real difference now and after your lifetime—while also receiving tax benefits.

Please contact Ginger Imster at gimster@jburroughs.org or 314-993-4045, ext. 256 to learn more.

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A charitable bequest is one or two sentences in your will or living trust that leave to Burroughs 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

Bequest Language

The official legal bequest language for John Burroughs School is: "I give to John Burroughs School, a nonprofit educational institution located at 755 South Price Road, St. Louis, Missouri 63124 and incorporated under the laws of the State of Missouri, the sum of $_______ [or the following described property or a designated percentage of my estate], to be used for its general educational purposes."

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 JBS 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 JBS 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 JBS 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 JBS where you agree to make a gift to JBS 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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