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Joyce Saxon: A Gift to the CIA Makes You Feel Needed

Joyce Saxon

Joyce Saxon's divergent careers allowed her to experience both sides of fine dining. She is knowledgeable of food "and all that its proper preparation entails." In fact, such is her appreciation of quality cuisine and the social aspects of dining that Joyce left the Culinary Institute of America (CIA) a significant bequest in her will.

Coincidentally, one of her good friends is a member of the CIA Class of '83, Barry Colman, an Institute trustee and owner of the More Than a Mouthful Restaurant near her Palm Springs, Calif., winter quarters.

"I support my friend Barry in all his endeavors," says Joyce, who was raised in Chicago's Old Town. She is the daughter of a San Francisco-born surgeon and a Viennese high fashion model.

Joyce, who prefers to enjoy and plan meals, rather than actually cook, has had a taste of both. As a manager with a world-wide advertising agency, she was responsible for placing a million dollars a week in broadcast advertising; she was invited to dine in many of America's renowned restaurants by TV and radio station management across the U.S. Later, as personnel director of a major Midwest caterer, Joyce was involved with staffing events such as the Kentucky Derby and the U.S. Senior Open golf tournament.

"The world doesn't need another MBA in interior design," she says. Her bequest to CIA will help aspiring new chefs pay for their training. "A cook can always find employment; I want to help men and women secure a solid future, enabling them to find rewarding work anywhere in the world."

Joyce, who is a co-founder of ChicaGourmets! and a member of this society's governing board, further goes on to say, "I expect my funding to provide job opportunities for dedicated people who aspire to remain in the hospitality industry for life."

"I do recommend to others that they rework their wills to include the CIA," she says. "Leaving a tangible, meaningful gift makes me feel needed."

 

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance. A copy of our most recently filed financial report is available from the Charities Registry on the New York State Attorney General’s website (www.charitiesnys.com) or, upon request, by contacting the New York State Attorney General, Charities Bureau, 28 Liberty Street, New York, NY 10005, or us at Hyde Park, NY. You also may obtain information on charitable organizations from the New York State Office of the Attorney General at www.charitiesnys.com or (212) 416-8401.

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A charitable bequest is one or two sentences in your will or living trust that leave to Culinary Institute of America 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

"I, [name], of [city, state, ZIP], give, devise and bequeath to Culinary Institute of America [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 CIA 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 CIA 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 CIA 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 CIA where you agree to make a gift to CIA 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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