A recent news report by our local media noted that Ms. Elizabeth Jordan of Marine on St. Croix, Minnesota provided for a $227,000 gift in her will to her local library. Although Ms. Jordan died in 2000 her gift has not been utilized yet because there is a small controversy regarding how the money should be spent -- some residents want it spent on a new building and some prefer the purchase of new books.
Today Ms. Jordan's gift totals $335,000 given the seven years of compounded interest it has earned. While Ms. Jordan's gift is a wonderful example for the rest of us as we consider our own estate planning it also provides a legal lesson since Ms. Jordan's will simply stated that her gift was to be used --
http://wcco.com/local/local_story_203161158.html
"in any manner which is deemed appropriate by the Board of Administration."
The added challenge here is that the Marine on St. Croix Library does not have a "Friends of the Library" entity that she could have willed the money to -- such a group would have simply acquired more books -- so the general wording of Ms. Jordan's gift has created this seven year delay as the library's management explores options.
There is a lesson here for all of us to be very exact with the wording used in our own philanthropic gifts.
Todd
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