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Advancement: Your Connection to Union

A Heart for Union Inspires Generous Planned Gift

The WasemillersThroughout their lives LeRoy ('37) and Martha Cook ('38) Wasemiller actively supported their church, helped Union College students pay their tuition and lovingly raised two children. It was perfectly natural for the Wasemillers to continue giving to what they valued above all else, even after they died.

LeRoy and Martha met and were married while attending Union College. They lived in the College View neighborhood for many years and built a concrete and construction business that supported their family and 40 employees.

"Dad left Union after one year because he couldn't afford to attend," noted their daughter Janet McKeehan '63. "He always wished he could have had more schooling, so he wanted to help others get what he couldn't have."

"Dad started the business in a wooden trailer and a truck," Janet explained. "Eventually the business grew, and Dad always had Union students work for him so they could earn money for tuition." LeRoy was so committed to helping his student employees, he would often find work for them even when the weather would shut other construction companies down.

Janet added that her parents even paid some students' tuition, going as far as helping put one student through medical school.

LeRoy and Martha were active members at College View church and when a new church was built in 1975, their company helped with the construction. LeRoy was an elder and considered by many to be a pillar of College View church.

"Mom and Dad definitely had a heart for College View church and Union College," said Janet.

When LeRoy and Martha planned how their estate would be split, they chose to divide it among the people and organizations they loved—one-third of their estate to their children, one-third to their church and one-third to Union College.

LeRoy and Martha reached out to the Kansas-Nebraska Conference of Seventh-day Adventists' Trust Services department for help and created a charitable remainder unitrust. The CRUT provided the Wasemillers with an income stream for the rest of their lives and, upon their deaths, the money left in the trust went to the Kansas-Nebraska Conference as well as Union College.

"Working with conference trust services personnel to create a will or a trust is an excellent way for our alumni to remember Union College, their local churches and other Seventh-day Adventist organizations," said LuAnn Davis, Vice President for Advancement. "Our staff can bring value to the estate planning process by answering your questions and explaining how various planned gifts can help you meet your financial goals as you work with the conference personnel to finalize your plans."

The Wasemillers have both died and their CRUT has dispersed their gift to Union without any restrictions. Union College's Board of Trustees is carefully considering how to use the Wasemillers' gift, as well as several other unrestricted estate gifts, to better serve students and provide the best possible education in Union's unique Christ-centered, student-focused environment.

If you want to speak with a planned giving professional who can answer your questions and give you a step-by-step plan on how to organize your estate, please contact Ken Farrow, Director of Leadership Giving, at 402-486-2600, Ext. 2200 or ken.farrow@ucollege.edu. Scot can help you continue to give, even after you have passed away, to the people and organizations you have cherished all your life.

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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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