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Advancement: Your Connection to Union

George and Virginia Myers Adopt Union College

George and Virginia Myers

George and Virginia Myers chose to support Union College through a charitable gift annuity.

George and Virginia Myers did not attend Union College nor did any of their family members. Six months ago, their only connection to Union was the shared belief in a Christian education that develops service-oriented individuals who will spread the gospel message of Jesus Christ.

Virginia is noted as saying, "Education at all levels is very important to us, as we have witnessed the commitment and enduring relationship to faith that Christian education promotes."

This summer, the Myers strengthened their connection with Union College when they sold their home and took a portion of the proceeds from the sale to set up a charitable gift annuity. The gift annuity has given them a guaranteed stream of payments for the rest of their lives and, when they pass away, whatever is remaining will go to Union College.

"Being impressed by the curriculum, mission emphasis and character building that take place at Union College," Virginia explained, "I chose to adopt Union as my alma mater."

As the new school year begins, many students have joined Virginia in making Union College their alma mater as well. We encourage all friends and alumni to continue to choose Union College as their alma mater and to support our mission that is inspired by faith in Jesus Christ and dedicated to a personal, student-focused community in which Union College empowers students for learning, service and leadership.

If this is a mission you believe in, we ask that you continue to choose Union College by giving back to your alma mater, possibly by including Union in your estate planning as the Myers have, by giving to the annual fund or by supporting the current capital campaign to build a new science and mathematics complex.

We greatly appreciate all who have shown their support of Union College and praise God for those who, like the Myers, have chosen to make Union College their alma mater.

Learn How You Can Help
For more information on how you can support Union College, please contact Ken Farrow at @[PHone] or ken.farrow@ucollege.edu.

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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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