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Leaving a Legacy: Florence Helen Ashby

Florence Helen AshbyFlorence Helen Ashby has lived a life of many firsts. She was among the first dozen classes to graduate from a newly co-ed Florida State University in 1957. A few years later, she was hired as the only female system analysts for IBM at the Goddard Space Center on NASA’s TIROS Weather Satellite Project.

Then in 1966, she was among the first faculty members to teach at the brand new Rockville campus of Montgomery College. She joined as one of three female math professors. “I was hired because of my IBM background,” said Ashby, 79, from her home in Tallahassee, Fla. “The Rockville campus was very small at that time; we were like family.”

Passionate about the students, Ashby taught at the college for 44 years. She also sponsored a number student clubs, a job she loved. “I really got to know the students then,” she said. “I sponsored the pom-pom group, and my Chihuahua became their mascot. In my last few years, I sponsored the Ethiopian association. I learned all about their country and their dances.”

Throughout her career, Ashby looked for ways to do more for her students. In 1984, she established the Florence Muriel Ashby Endowed Scholarship, awarded to the best math student, in memory of her mother. A few years ago, she and her late husband, Laird Anderson, bequeathed a gift for the Florence Ashby and Laird Anderson Endowed Scholarship.

“I had a scholarship from the Elks (National) Foundation for college,” Ashby said. “It wasn’t big, but it helped.” Now, through her endowments, Ashby will continue to help students at Montgomery College in perpetuity, leaving a lasting legacy.

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A charitable bequest is one or two sentences in your will or living trust that leave to Montgomery College Foundation 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, bequeath and devise $____________________ or ________________ (list specific asset or assets) to the Montgomery College Foundation (Tax ID 52-126-7008), a charitable corporation presently having offices at 40 West Gude Drive, Suite 220, Rockville, MD 20850."

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 Montgomery College Foundation 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 Montgomery College Foundation 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 Montgomery College Foundation 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 Montgomery College Foundation where you agree to make a gift to Montgomery College Foundation 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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