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Impact Stories

Alumnus Remembered Mother with Scholarship for Students Who Have Lost a Parent

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Impact Stories

Alumnus Remembered Mother with Scholarship for Students Who Have Lost a Parent

Stephen S. Showers smiling

Stephen S. Showers

When children lose their mother or father, they can lose the chance to pursue their educational dreams, too. Alumnus Stephen S. Showers, who died in February 2011, knew firsthand how hard it can be for these students to afford a college degree, and his estate has provided $250,000 for a University-wide scholarship that will assist families facing the emotional and financial consequences of a parent's death.

At the time that Stephen created his estate plan, he reflected on his own family's experiences. "I was 7 years old when my father suddenly passed away, and my mother, Lucille, was faced with supporting our household on her own," said the native of Lewistown, Pennsylvania, in a 2010 interview. "She knew that a college degree would be important to my future, and she saved as much as she could for my education. I would not have been able to enroll at Penn State, however, if she hadn't found a Pennsylvania Senatorial Scholarship for me. I am creating this endowment to honor her."

A 1966 Penn State graduate, Stephen earned a dual master's degree in Education Administration and Counselor Education from Colorado State University and returned to Penn State for his doctoral studies. In 2009, after a long career in higher education, he retired from Towson University, where his posts included associate vice president for facilities management and interim vice president for administration and finance. He continued to live in Towson, Maryland, with his wife, Tate, until his death.

"Through my work, I've had the opportunity to create a better educational experience for thousands of students, and that has been deeply rewarding," Stephen said in 2010. "Now I want to make a difference for Penn State students. This scholarship is not aimed at applicants who have the highest GPAs and test scores. It is directed to undergraduates who have a strong desire to succeed and who do not have two parents at home to help."

Stephen worked with Penn State's Office of Gift Planning to prepare a letter to be shared with recipients of the Stephen S. Showers Scholarship. In that letter, he wrote, "Scholarships changed my life, and I am glad to be able to create this legacy for you. I sincerely hope that you seize the opportunity that Penn State offers and that you are inspired to make that same opportunity possible for future students someday."

A charitable bequest is one or two sentences in your will or living trust that leave to Penn State 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 Penn State University, a nonprofit corporation currently located at c/o Office of Gift Planning, 329 Innovation Boulevard, Suite 313, State College, PA 16803-6606, 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 Penn State 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 Penn State 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 Penn State 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 Penn State where you agree to make a gift to Penn State 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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