William Geb, D.O.

William Geb, D.O. (COM '50), left a gift to KCU through a trust he established, giving a quarter of his estate to the University.

For 43 years, William Geb, D.O. (COM '50), enjoyed his role treating patients as an osteopathic physician. He was grateful for the education he received at Kansas City University of Medicine and Biosciences (KCU), which made his career in medicine possible. That's why Dr. Geb chose approximately 10 years ago to include the University in his estate plan.

"A Significant Gift"

Dr. Geb passed away on June 19 in Oklahoma City at the age of 89. Through a trust he established, 25 percent of his estate was allocated to KCU, resulting in a gift to the University of $1 million so far. There will be another distribution later.

"This is a very significant gift—one of the largest in KCU's history," says Jane Lampo, vice president for advancement. "We appreciate the generosity shown by Dr. Geb and his family, and we hope this will inspire others to consider supporting the University through a planned gift."

Good Motives

After graduating from KCU, Dr. Geb began his career as a family physician in Spiro, Okla. Ten years later, he moved to Oklahoma City and established a practice in Del City. While there, he served as chief administrator at Hillcrest Medical Center and as a part-time medical examiner for the state of Oklahoma. Near the end of his career, he practiced industrial occupational medicine at Tinker Air Force Base. Dr. Geb retired in 1993.

Joel Corn, D.O. (COM '45), one of Dr. Geb's best friends, said that he and Dr. Geb often talked about their time in medical school.

"He thought a lot of the school," Dr. Corn says. "He made a substantial gift. His motives were always good."

Dr. Corn and Dr. Geb, friends for approximately 60 years, often shared stories about their time practicing in rural Oklahoma. According to Dr. Corn, one of the most memorable of those stories was when Dr. Geb, who made house calls during the early part of his career, recalled trying to treat a patient while chickens-which were roaming freely inside the man's house-were pecking at his feet.

"He was an honorable, good person," Dr. Corn says. "He always did the right thing, and he never tried to shortchange anybody."

A Generous Man

Thomas Carlile, D.O. (COM '68), a close friend and business partner of Dr. Geb's, had witnessed his generosity on many occasions. The friends started a medical practice together in 1973 in Del City and they practiced together for approximately 11 years.

"I may have been a little surprised by the amount [of his gift to KCU], but not by the gift itself," says Dr. Carlile, who was his friend's primary care physician at the time of his death. "He was a very kind and considerate person. He was a mentor to more doctors than anybody I know of. What can you say about a guy like that?"

A charitable bequest is one or two sentences in your will or living trust that leave to KCU 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 KCU [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 KCU 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 KCU 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 KCU 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 KCU where you agree to make a gift to KCU 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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