Tinkering with cars in a high school auto mechanics class is how the late Edward W. Reed became interested in the workings of the human body.
As the first black surgeon to establish practice in Memphis, Ed, who died last year at age 92, dedicated more than 50 years to medicine and blazed a trail for the integration of surgical staffs of Memphis hospitals in the 1960s.
His legacy continues with the Dr. Ed Reed Scholarship Fund at the University of Tennessee Health Science Center's College of Medicine.
Methodist Le Bonheur Healthcare donated $250,000 in special memory of the former UT Health Science Center faculty member, who was the first black president of the Memphis chapter of the American Cancer Society. He also once served as chairman of the board of the MED (Regional Medical Center at Memphis).
Methodist will donate $50,000 per year for the next five years. The scholarships will be awarded to students currently enrolled at or admitted to the medical college. Students must exhibit exceptional academic performance. Financial need is also a critical consideration.
"We are delighted that Methodist will support a medical student scholarship," says Dr. David Stern, executive dean for the UTHSC College of Medicine. "This gift will help us recruit a meritorious and diverse student body that can best serve the needs of the citizens of Tennessee."
This fall, the first five Dr. Ed Reed Scholarship Fund recipients at the UTHSC College of Medicine each received $10,000 awards. The recipients were: Megan Ward, Andrew Poole and Bryauna Lewis— all fourth-year medical students; and Keadrea Wilson and Petrina Craine, both third-year medical students.
"We are proud to honor the great clinical and teaching legacy of Dr. Ed Reed," notes Gary Shorb, president and CEO of Methodist Le Bonheur Healthcare. "We hope that these scholarships will encourage and allow deserving students to pursue a medical career and follow in Dr. Reed's footsteps and provide outstanding health care for all citizens."
Leave a Legacy
If you want to learn more about how to leave a lasting legacy of generosity to benefit future UT students, please contact the Office of Planned Giving at (865) 974-4826 or email firstname.lastname@example.org.
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 examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. 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. 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. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
A charitable bequest is one or two sentences in your will or living trust that leave to The University Of Tennessee 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 The University Of Tennessee [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 UT 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 UT 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 UT 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 UT where you agree to make a gift to UT 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.