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Honoring a Loved One

I know I have written about ways to honor a loved one….in my case? I wanted to push for an Endowment in the name of my Sister to the Law School she graduated from.

I felt that the best way to honor her memory and life would be to have a scholarship in her name every year….not just a one time scholarship. 

So I am learning the difference and what it takes to set up an Endowment!  

A scholarship is the easiest of course….whatever funds are given are presented one time. This is a great idea and a very good option!  I just knew that because of all of my sister’s accomplishments it wasn’t the right fit for her!

An Endowment takes more work. There has to be a minimum fund of $25,000 that must be collected within 5 years….it also requires Board approval at the University or College of choice. 

Yes…this means that the annual scholarships might not be as large as a one time scholarship. Therein lies the rub!

It is a decision to not take lightly. Discuss with other family and/or close friends to determine what direction is best. 

Most importantly know that either choice is a fabulous way to celebrate your loved one!

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