A Golden Year: Couple's Anniversary Celebrations Include Gift to SCU

speccierla

Maureen and Larry Specchierla are celebrating their 50th wedding anniversary this fall.

When Santa Clara University announced it would admit women starting in the fall of 1962, Larry Specchierla '63 was among a group of mourning students who lowered the flag on campus to half-mast.

When Larry looks back on his initial reaction, he can only shake his head.

"It's the best thing that ever happened to Santa Clara," he says. And it might be the best thing that ever happened to Larry, as one of the first female students at SCU would become his wife.

This fall, Larry and Maureen '65 Specchierla celebrate two golden milestones—their 50th wedding anniversary and Larry's 50th reunion. Larry and Maureen have three grown children (two of whom are SCU grads), five grandchildren, and throughout their marriage they have lived and worked in Los Angeles, Atlanta, New York and London.

With all that moving around, the Specchierlas' philosophy for good living is no surprise: "Grow, adjust and adapt," Maureen says, "but that doesn't mean compromising your values!"

Larry and Maureen's involvement with SCU exemplifies their motto. When they lived in New York, the Specchierlas founded the first tristate alumni chapter in New York with fellow SCU alum David Doyle '60. Now, Larry is co-president of the Palm Springs chapter of the alumni association, and they have included SCU in their estate to help fund scholarships.

"No matter what a student's economic situation is," Maureen says, "they need to have access to the rock-solid foundation for life that SCU provides."

Help Pass the Torch
To join Larry and Maureen Specchierla in supporting the future of Santa Clara University, please contact the Gift Planning team at 408-554-2108 or giftplanning@scu.edu today.

A charitable bequest is one or two sentences in your will or living trust that leave to Santa Clara University 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 Santa Clara University, a nonprofit corporation currently located at 500 El Camino Real, Santa Clara, CA 95053-1400, 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 SCU 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 SCU 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 SCU 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 SCU where you agree to make a gift to SCU 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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