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Advancement: Your Connection to Union

A Gift That Gives Back

Gaylah Cantrell KinderGaylah Cantrell Kinder ('55) feels part of the Union College family. When asked what she loves most about Union College, Gaylah responded, "Union College never forgets her own. I only came to Union for a couple of years but they always consider me part of the Union College family. They keep in touch and I have good friends still at Union College."

Gaylah and her late husband, Don Cantrell '55, kept a special place in their hearts for Union, so several years after Don's death she found a way to give back to the college they both dearly loved. Gaylah owned a condominium in Florida that she had thought about selling for a number of years and since she desired to make a gift to Union College, gifting the condo made perfect sense.

For many years Gaylah had rented out her condo but she no longer wanted to manage it. "I was getting older and didn't want to bother with renting it anymore," she explained. "When my husband passed away I didn't want to have those responsibilities."

She had heard about charitable gift annuities and started asking Union College about the possibility of establishing one. "For years I considered setting up an annuity and talked to Union College several times about it," Gaylah said.

She decided a charitable gift annuity was the best way to give back to Union and since then she has been pleased to receive a guaranteed fixed-income stream which will continue for the rest of her life. When Gaylah dies whatever amount is remaining from the original gift will be applied to support Union's students. Gaylah easily turned an asset she no longer wanted to manage into a consistent stream of income that pays her on a quarterly basis.

A Win-Win Donation Option
There were other benefits to using her condominium to fund a charitable gift annuity. At the top of Gaylah's list was the ease of the whole process and the anxiety she avoided in having to sell the condominium herself.

"It lifted the stress off my shoulders," Gaylah said about letting Union sell the condo for her. "I was not worried because I knew it was in good hands, I knew what I wanted and the college understood my goals and everything worked out very nicely in the end."

Giving the condominium not only provided some stress relief; it provided a nice tax benefit as well. Gaylah owned the condo for 24 years and it had become a highly appreciated asset. By giving the condo to Union College and setting up a charitable gift annuity she received an immediate charitable tax deduction and spread her capital gains taxes over a 16-year period.

When Gaylah gave this gift she wanted to help the broader mission of Union so she placed no specific designation on the gift, trusting the college to use it for whatever is the highest priority at the time of maturity.

"I love Union College and from time to time I run into graduates of the college and always have lovely conversations," Gaylah exclaimed. "Because Union treats me like family I desired to do something to show my love for the college."

In the end Gaylah was very happy about the whole process. "I was very pleased with everyone involved at Union. I love Union and that is why I decided to let Union do this for me."

See How You Can Benefit
If you too want to let Union College relieve you of the stress of managing an asset you no longer want to own and you would like to have an income stream that is guaranteed for the rest of your life, please contact Ken Farrow by calling 402-486-2600, Ext. 2200 or emailing ken.farrow@ucollege.edu. He looks forward to helping you remove stress from your life and give you the peace of mind a guaranteed income stream may provide as well.

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A charitable bequest is one or two sentences in your will or living trust that leave to Union College 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 Union College, a certified 501(c)(3) not-for-profit corporation registered in the State of Nebraska, [written amount or percentage of the etate 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 Union College 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 Union College 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 Union College 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 Union College where you agree to make a gift to Union College 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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