Helping Create a New State Park

Dean ParsonsDean Parsons grew up in Palo Pinto County, about 75 miles west of Fort Worth. As a boy he explored the hills and canyons of Wiles Canyon, part of the Palo Pinto Mountain Breaks.

"It was so beautiful and wild," recalled Parsons. "We would hike up and down the canyons and just explore. I can remember one time running for miles, just running through these hedgerows of live oak, full of deer. You've never seen such a scatter in all your life! It was a real thrill."

Now, that same area is at the heart of Palo Pinto Mountains State Park, which was acquired by the state of Texas back in 2011. Parsons sold 1,300 acres of land that he obtained in a legal settlement over the tragic death of his son. "I knew I had a onetime shot at making this happen," Parsons reflected. Other parcels of land around that tract were also purchased for the park, which now totals more than 4,600 acres of pristine land that will one day be open for all to enjoy.

"Sometimes good things can come out of the worst situations," said Parsons. "I am so happy that this beautiful land that I enjoyed as a child will be a park forever."

Parsons and his wife, Alice, have enjoyed many a state park over the years and were able to visit Palo Pinto Mountains State Park for a special star party a few years ago. The visit was bittersweet, because Parsons was diagnosed with cancer soon after the visit. That's when he and his wife began planning their estate in earnest. They read about Texas Parks and Wildlife Foundation in a magazine and decided that their assets would be gifted to TPWF after their death to benefit Palo Pinto Mountains State Park.

"Leaving our estate to help support Palo Pinto Mountains State Park will benefit everyone. To know that we helped build it and that the money we received from the settlement will go to that, is comforting," said Parsons. "I know that Texas Parks and Wildlife Foundation will appreciate it and put it to good use."

A charitable bequest is one or two sentences in your will or living trust that leave to Texas Parks and Wildlife 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 bequeath $ _____________ or _____% of my residuary estate to Parks and Wildlife Foundation of Texas (dba Texas Parks and Wildlife Foundation), a not-for-profit organization, with its principal office located at 2914 Swiss Avenue, Dallas, TX 75204, and with a tax identification number 74-2602504, for its ongoing conservation, education and recreation purposes.

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

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 TPWF 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, commercial property, farm, ranch 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 TPWF 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 TPWF 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 TPWF where you agree to make a gift to TPWF 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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