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Estate Gift Planning

History of Family Ties to Central Inspires Bequest Gift

Dr. William L. (Bill) RankinDr. William L. (Bill) Rankin, class of 1969, and his wife, Lori F. Nakahara, have recently named Central College as the main beneficiary in their will to establish the Rankin/Nakahara Scholarship. When funded, the endowed scholarship will be awarded to psychology and education majors at Central.

"Central College has always been part of my life. Since my grandfather, S. Bert Baron '09 was a Central professor when I was quite small, I would often go over to the college with him when we visited Pella. In fact, their home is now used by the college as faculty office space for the departments of sociology and anthropology. My grandparent's closest friends and neighbors were Central faculty. Also, my grandmother, Carolyn (Van Vleet) Baron '08, my Uncle Bob Baron '34 and my Aunt Marjorie Baron '32 were all Central graduates, as were my parents, Howard Rankin '42 and Mary Jane (Baron) Rankin '42 and my brother, Joe Rankin '73."

After graduating from Central College, Bill went on to receive a M.S. and Ph.D. in Psychology from Washington State University in Pullman, Washington. Lori has two engineering degrees—a Ceramics Engineering degree from the University of Washington and a Mechanical Engineering degree from Washington State University. Bill benefited from scholarships as a student and believes it is important to provide scholarship resources to others.

"Central College has had a profound impact on my life. I found that a kid from small-town Iowa could compete academically with students from far larger east coast schools. I also discovered my interest in experimental psychology when Central hired three new Psychology faculty members in my junior and senior years-Drs. Jim Schulze, Ed Willis and Dan Gilmore. Their passion for psychology was infectious and rubbed off on me. Suddenly I had an academic goal—a Ph.D. in Experimental Psychology! My liberal arts education at Central served as solid basis for my continued graduate school education and also fostered my love for theater and orchestra."

"Lori and I have no children, and our family members are well taken care of financially, so we have been helping Central for decades now. I established the Baron Scholarship in honor of my grandparents in the 1970s and then more recently Lori and I donated to the new Education and Psychology Building. When Lori and I finally got around to making out a will a few years ago, it was only natural for us to make Central College our main benefactor. I have, however, warned Central development staff that my favorite bumper sticker is 'Being of sound mind, I spent it all.'"

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