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Supporters of the Arts Inspired To Create Endowment

Larry and Linda Smith

Larry and Linda Smith

With a wide smile and sharp wit, Larry Smith sits comfortably on his couch and listens while his bride, Linda, shares detailed stories of their life together. Snuggled close on either side of him is a pair of Maltese fondly known as Nelson and Clare. The two chat about their 61 years of marriage, their love of bird watching and the arts—specifically, the arts at The University of Southern Mississippi.

Originally from Brookhaven, Miss., Linda pursued a career in education, earning her bachelor’s degree from Louisiana State University A&M and her master’s from Cornell University in 1957.

Linda’s love for operatic music derived from an exquisite sound drifting down the halls of her summer school dormitory. As she walked down the hall, she found the source to be the soundtrack of “La Bohème” coming from a record player a few rooms away. A few years after falling in love with the opera genre, she fell in love with a student at Tulane University School of Medicine in New Orleans. The two first met on a blind date set up by Linda’s cousin, who happened to be one of Larry’s classmates. They dined at Phillip’s Bar & Grill in uptown New Orleans. The couple married in 1960 and returned to that special restaurant years later to celebrate their 50th wedding anniversary.

The Smiths settled in the Hub City in 1967 after moving multiple times while Larry completed medical school, an internship, residency and public service requirements. Hattiesburg felt like a perfect fit from the beginning. Linda taught school briefly before she left the classroom to raise their children, while Larry began his career as a pathologist at Thomas F. Puckett Laboratory. After nearly 30 years in practice, he retired in 1995.

Though neither are alumni of Southern Miss, Linda and Larry have thoroughly enjoyed musical theatre, symphony performances and a myriad of other arts activities performed at USM. “Right here, in South Mississippi, there is ‘big music,’” said Linda. “Placido Domingo, Yo-Yo Ma, the list is long and impressive.” “I think we saw Charlie Daniels, too,” Larry added.

Though the city has changed and grown immensely, their love for Southern Miss has not waned. For more than 40 years, the couple has philanthropically supported the University by assisting students through the J. Larry and Linda B. Smith Music Scholarship Endowment, the John B. And Charles M. Smith Theatre and Dance Scholarship Endowment, and by giving to the arts, Osher Lifelong Learning Institute (OLLI) and many other initiatives. Through a planned gift, the Smiths have also made the USM Foundation the beneficiary of an IRA to activate the J. Larry and Linda B. Smith Fund for Excellence Endowment.

“It’s like the old adage,” Larry explained, “teach a man to fish, and he’ll never go hungry. We support the University because we want to get behind those who live in our community … it betters their lives and ours. There are amazing things happening every day at USM, just right down the street.”

If you are interested in naming Southern Miss as the beneficiary of an IRA to create an endowment or another type of estate gift, please contact Daniel Barton at 601.266.6428 or daniel.barton@usm.edu.

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Information contained herein was accurate at the time of posting. 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 any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: 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. Oklahoma residents: 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. South Dakota residents: 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 Southern Mississippi 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 to The University of Southern Mississippi Foundation, a nonprofit corporation currently located at 118 College Drive #5210, Hattiesburg, MS 39406-0001, or its successor thereto, ______________ [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 the USM 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 the USM Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 the USM 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 the USM Foundation where you agree to make a gift to the USM 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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