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ONE IN A MILLION: Krauses' Irrevocable Bequest Helps Build a Lasting Legacy at USD

Jim KrauseTo know Jim Krause, '75, is to know a man who is an all-too-rare combination of ambition and morality. His work ethic and attention to detail are matched only by his commitment to family, faith and community. You might say he's one in a million.

From the courthouse to the classroom, these impressive personal attributes have paved a path to success for the 58-year-old class-action attorney and adjunct professor at the University of San Diego School of Law. Krause was recently asked to recall the events that led him to his current station in life, and he couldn't help but smile as he harkened back to his childhood years in the small, blue-collar town of Salem, N.J.

"I came from a faith-minded family in Southern New Jersey, and we worked hard for everything we had," he explained. "As a member of the Methodist Church, it was ingrained in me at an early age to not only work hard, but to also be charitable and mindful of those who need your help."

In the years since, Krause has heeded that call to compassionate service in myriad ways, including the establishment of a $1 million irrevocable bequest on behalf of he and his wife Gale Krause to the USD School of Law, where he graduated magnum cum laude in 1975.

"My wife, Gale, and I have been actively involved in charitable campaigns for the university for some time now, and we were excited and pleased to help support the school of law with this gift. I really enjoyed my time (in law school), and, since USD is doing so well right now, I wanted to make sure that I could help provide students the opportunity for continued growth and development."

According to Senior Director of Planned Giving John Phillips, an irrevocable bequest benefits both donor and university in that, "it provides the donor with immediate recognition from the university, as well as enhances the university's financial portfolio by claiming a percentage of the bequest as a fixed asset."

Over the past three decades, Krause has compiled an impressive record of success in class action, antitrust, commodities and securities litigation. In fact, one could certainly forgive him if he chose to rest on his considerable legal laurels. Fortunately for the students of the USD School of Law, idleness is not a part of Krause's make-up, and he prefers to spend his time away from the courtroom teaching a securities litigation course here at Alcalá Park.

"I love the intellectual side of it," Krause said. "Discussing issues and problems, and trying to find solutions within the context of the law.

"Securities law is especially interesting to me because it follows all things Wall Street. You're very aware of the current business climate, and I think it helps our students become more specialized in the types of law they practice."

To call Krause an active alumni would be an understatement. In addition to his considerable financial contributions and teaching responsibilities, he has served as chairman of the School of Law's Board of Visitors, an advisory and support group dedicated to the school's advancement as a leading center of legal education and scholarship. He is also a former president of the law school's alumni association, and received the school's Distinguished Alumni Award in 2005.

While he has been active in a variety of charitable organizations throughout the greater San Diego area, Krause has been especially impressed by the level of gratitude he has received from members of the Torero community.

"As the years have gone on, I find myself growing closer and closer with USD," he said, "simply because the people here seem to really enjoy what they do."

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Planned Giving
Degheri Alumni Center 206
5998 Alcalá Park
San Diego, CA 92110

Phone: (619) 260-4523
Fax: (619) 260-4621
jphillips@sandiego.edu

A charitable bequest is one or two sentences in your will or living trust that leave to the University of San Diego 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 the University of San Diego, a nonprofit corporation currently located at 5998 Alcala Park, San Diego, California, 92110-2492, 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 USD 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 USD 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 USD 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 USD where you agree to make a gift to USD 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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